Verb Technology Co. Inc. VERB,
a provider of interactive video-based selling apps, has become the latest small-cap company to announce plans to crack down on naked short selling of its stock, one of its suspected trading violations. The Newport Beach, California, and Lehi, Utah-based company says it believes “certain individuals and/or companies may have engaged in illegal trading activities, including, but not limited to, naked short selling and spoofing that may have artificially depressed VERB’s share price. .” The board is developing an action plan and considering calling in forensic experts and working with other companies that have identified similar illegal trading of their stock. “Today we join the battle started by companies like Genius Group GNS,
and Creatd CRTD,
including for greater integrity in the capital markets,” CEO Rory J. Cutai said in a statement. The verb stock, which closed at 23 cents on Friday, was up 33% premarket on Monday.