Shares of Verb Technology Co. Inc.
VERB,
skyrocketed 122.2% in afternoon trading toward a three-month high, after the Utah-based provider of interactive video-based sales apps announced a strategic relationship with social media platform TikTok. That put the stock on track for its biggest one-day gain since it went public in September 2020. Trading volume has surged to a record 76.5 million shares, which compares with the full-day average of about 42,000 shares. The stock has been halted for volatility seven times since the open. Verb said sellers on its Market.live platform can livestream their broadcasts on TikTok, as well as on other social media platforms at the same time. In addition, the sellers’ customers can now check out directly on and through the TikTok app. “The integration with TikTok Shop represents a pivotal moment in the evolution of Market.live, marrying the dynamic capabilities of Market.live with TikTok’s visionary Shop feature and the enormously expansive reach of the TikTok platform,” said Verb Chief Executive Rory Cutaia. Earler this year, Verb’s stock enjoyed a meme-like rally of 69.7% on Jan. 23, after the company joined other small-capitalization companies in saying it would go after those who illegally shorted, or made bearish bets, against its stock. Verb shares were still down 75.8% year to date, while the Russell 2000 Index
RUT,
of small-cap stocks has gained 7.0% and the S&P 500
SPX,
has climbed 17.4%.
