What's Going On With Shares of VerifyMe?

Shares of VerifyMe (NASDAQ:VRME) are trading higher Monday after the company announced a plan for a merger with Open World.

VerifyMe stock is among today’s top performers. What’s driving VRME stock higher?

A Compliance and Security-Focused Merger

VerifyMe produces precision logistics and brand protection technologies while Open World supports Web3 ecosystem launches. The two announced entry into a letter of intent to complete a strategic merger. Once the merger is complete, the combined company will trade publicly under a new ticker.

D It is expected that the merger will result in Open World's shareholders owning approximately 90% of the combined company and VerifyMe's stockholders owning approximately 10% of the combined company.

At closing, Open World will have the right to appoint and replace certain members of the Board of Directors of the combined company. VerifyMe is also expected to have the opportunity to pay a special one-time cash dividend to its stockholders prior to the merger equal to the amount of cash on its balance sheet prior to closing in excess of $1 million.

"Today marks a major milestone for Open World," said Matt Shaw, CEO of Open World, who will become CEO and chairman of the combined company post-close. "We've been the token launch, innovation and go-to-market partner for Tier-1 Web3 protocols representing over $65 billion in on-chain value, and we're now extending that playbook into enterprise applications with real-world impact. 

VerifyMe Stock Is On The Up

VRME Price Action: Shares were up 59.29% at $1.07 at the time of publication on Wednesday, according to Benzinga Pro.

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