- VerifyMe Inc (NASDAQ:VRME) acquired the assets of PeriShip, LLC in a transaction worth $10.5 million.
- The consideration consisted of $7.5 million cash, $1.0 million in VerifyMe shares, and a $2.0 million promissory note.
- PeriShip is a value-added service provider of shipping and logistics management for the perishable healthcare and food industries.
- PeriShip was founded in 2001 and headquartered in Branford, Connecticut, with approximately 45 employees.
- VerifyMe offers authentication, supply chain monitoring, and data-rich consumer engagement features using unique smartphone readable codes on their products.
- VerifyMe CEO Patrick White said, "We believe it will provide a new entry point in the pharmaceutical market with authentication, serialization, and track and trace, to assist clients in meeting the 2023 Drug Supply Chain Security Act requirements."
- VerifyMe held $9.4 million in cash and equivalents as of December 31, 2021.
- Price Action: VRME shares traded higher by 7.52% at $3.43 in the premarket on the last check Monday.
