Item 7.01 Regulation FD Disclosure.
On November 30, 2022, Veritone, Inc. (the "Company") issued a press release
announcing the repurchase transactions described in Item 8.01 below, a copy of
which is attached as Exhibit 99.1 hereto.
The information in this Item 7.01 of this Current Report on Form 8-K, including
Exhibit 99.1, is being furnished pursuant to Item 7.01 and shall not be deemed
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), or otherwise subject to the liabilities of that
section, nor shall it be deemed incorporated by reference in any filing under
the Securities Act of 1933, as amended, or the Exchange Act, whether made before
or after the date hereof, except as expressly set forth by specific reference in
such filing to this item of this report.
Item 8.01 Other Events.
Repurchases of Convertible Notes
On November 29, 2022, the Company entered into separate, privately negotiated
transactions (the "Agreements") with certain holders of the Company's
outstanding 1.75% Convertible Senior Notes Due 2026 (the "Notes") to repurchase
(the "Repurchases") approximately 30% of the outstanding Notes or $60 million
aggregate principal amount of the Notes for an aggregate cash repurchase price
of approximately $38 million. The final aggregate cash repurchase price will be
determined based on the sum of (i) approximately $37.5 million based on the
Company's November 29, 2022 closing stock price of $5.60 per share, (ii) an
amount (which may be positive or negative) based in part on the daily
volume-weighted average price per share of the Company's common stock during a
10-trading day pricing period following the execution of the Agreements and
(iii) accrued and unpaid interest to, but excluding, the closing date. The
actual amount of cash paid in the Repurchases could vary from the estimated
aggregate repurchase price depending on changes in the trading price of the
Company's common stock during the measurement period.
The Repurchases are expected to close on or about December 16, 2022, subject to
certain closing conditions. Following the closing of the Repurchases, the
Company intends to cancel the repurchased Notes and, after such cancellation of
repurchased Notes, approximately $141 million aggregate principal amount of the
Notes will remain outstanding. The Repurchases could affect the market price of
the Company's common stock.
Forward-Looking Statements
This Current Report on Form 8-K, and the press release attached as an exhibit
hereto and incorporated by reference herein, contain forward-looking statements,
including statements related to the amount of the Notes to be repurchased, the
ability to complete the Repurchases on the timeline described herein or at all,
the ultimate cash purchase price for the Repurchases, and the impact of the
Repurchases on the market price of the Company's common stock. Words such as
"may," "will," "expect," "believe," "anticipate," "intend," "plan," "should,"
"could," "estimate" or "continue" or the plural, negative or other variations
thereof or comparable terminology are intended to identify forward-looking
statements, and any statements that refer to expectations, projections or other
characterizations of future events or circumstances are forward-looking
statements. These forward-looking statements speak only as of the date hereof,
and are based on management's current assumptions, beliefs and information. As
such, the Company's actual results could differ materially and adversely from
those expressed in any forward-looking statement as a result of various factors.
Important factors that could cause such differences include, among other things,
changes in the price of the common stock and changes in the convertible note and
the capital markets generally, which are difficult or impossible to predict
accurately and are beyond the control of the Company. Certain of these judgments
and risks are discussed in more detail in the Company's Annual Report on Form
10-K, as supplemented by Amendment No. 1 to the Company's Quarterly Report on
Form 10-Q/A for the three months ended March 31, 2022, and other periodic
reports filed with the Securities and Exchange Commission. In light of the
significant uncertainties inherent in the forward-looking information included
herein, the inclusion of such information should not be regarded as a
representation by the Company or any other person that the Company's objectives
or plans will be achieved. The forward-looking statements contained herein
reflect the Company's beliefs, estimates and predictions as of the date hereof,
and the Company undertakes no obligation to revise or update the forward-looking
statements contained herein to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events for any reason,
except as required by law.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
EXHIBIT NO. DESCRIPTION
The following exhibits are being furnished herewith:
99.1 Press Release dated November 30, 2022.
104 Cover Page Interactive Data File (embedded within the inline XBRL
document)
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