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ROCHESTER, NY, July 1, 2022 /PRNewswire/ — VerifyMe, Inc. (NASDAQ:VRME) (“VerifyMe,” “we,” “our,” or the “Company”), together with its subsidiary PeriShip Global LLC (“PeriShip”), provides brand owners time and temperature sensitive logistics, authentication, supply chain monitoring, and data-rich consumer engagement features using unique smartphone readable codes on their products, announced today that it and its co-sponsor have elected to not extend the period for G3 VRM Acquisition Corp (NASDAQ:GGGVU), a special purpose acquisition company (the “SPAC”) to consummate a business combination, and that VerifyMe has initiated a new share repurchase program.
VerifyMe, together with the co-sponsor of the SPAC, has made the decision not to extend the period for the SPAC to consummate a business combination and accordingly the SPAC is expected to dissolve and liquidate in accordance with its charter. As a result of the current market conditions, our Board of Directors determined that it was not in the best interests of the Company to allocate additional financial capital at this time for the SPAC to consummate a business combination and instead will focus on our core business and recent acquisition of PeriShip. The audited financial statements of PeriShip for the years ended December 31, 2021and 2020, …
Full story available on Benzinga.com
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