It’s independence day for our cousins to the south so there won’t be a lot of action on the charts for the American companies on this list. As of last market close, here were five looking to get a leg-up on the competition through the accretive growth and acquisition game. Some were successful while others decided to go in a different direction, but all of these are worth a look. VerifyMe decides on a different path
Like many partnerships, sometimes acquisitions don’t work out. Something fizzles out in negotiations, maybe the due-diligence doesn’t yield up favourable numbers, and like a lot of relationships, both sides agree to go their separate ways.
VerifyMe (NASDAQ: VRME) announced today that it won’t be extending the period for special purpose acquisition company (SPAC), G3 VRM Acquisition Corp (NASDAQ: GGGVU) , to close a merger.
VerifyMe and the SPAC have decided not to merge. VerifyMe’s board of directors decided it wasn’t in the company’s best interests to allocate financial capital for the SPAC to consummate the merger, and instead decided to focus on their own business and add resources to its recent acquisition of PeriShip. PeriShip’s audited statements for December 31, 2021 and 2020 showed $3.1 million in income before tax. “As we navigate this challenging economic environment, and have now completed a strategic acquisition, we have made the decision to align our resources accordingly. We believe the financial results of the acquisition show we are on the right path to grow and enhance our shareholder value,” said Patrick White, CEO of VerifyMe. VerifyMe is a tech company that works to connect brands with consumers through its subsidiary PeriShip Global, which provides brands with logistics management for their products. The company offers an IT platform with proprietary databases, package and flight tracking software, that also monitors weather and flight status. VerifyMe’s technologies also give its clients the option to gather business intelligence, intellectual property and brand protection and supply chain functions like counterfeit prevention, authentication, serialization and track and trace features.
If a proposed merger isn’t going to work then there’s no point in going forward. […]