Veritone Completes Asset Acquisition

Ticker: VERI · Form: 8-K · Filed: Oct 23, 2024 · CIK: 1615165

Veritone, Inc. 8-K Filing Summary
FieldDetail
CompanyVeritone, Inc. (VERI)
Form Type8-K
Filed DateOct 23, 2024
Risk Levelmedium
Pages10
Reading Time12 min
Key Dollar Amounts$0.001, $104.0 m, $59.1 m, $18.0 million, $20.3 million
Sentimentneutral

Sentiment: neutral

Topics: acquisition, assets, financial-condition

TL;DR

Veritone just bought some assets, details to follow.

AI Summary

Veritone, Inc. announced on October 17, 2024, the completion of its acquisition of the assets of a company. The filing also disclosed results of operations and financial condition, along with Regulation FD disclosures and financial statements. Specific details regarding the acquired assets or financial impact were not immediately available in this summary.

Why It Matters

This acquisition could expand Veritone's capabilities or market reach, potentially impacting its future revenue and competitive position.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks related to integration, valuation, and market reception, which could impact Veritone's financial performance.

Key Players & Entities

  • Veritone, Inc. (company) — Registrant
  • October 17, 2024 (date) — Date of earliest event reported
  • Delaware (jurisdiction) — State of Incorporation
  • 001-38093 (identifier) — Commission File Number
  • 47-1161641 (identifier) — IRS Employer Identification No.
  • 1615 Platte Street, 2nd Floor, Denver, Colorado 80202 (address) — Principal Executive Offices

FAQ

What specific assets did Veritone, Inc. acquire?

The filing indicates the completion of an acquisition or disposition of assets but does not specify the nature or details of the acquired assets in the provided text.

What is the financial impact of this acquisition on Veritone, Inc.?

The filing mentions 'Results of Operations and Financial Condition' but does not provide specific dollar amounts or financial projections related to the acquisition in the provided text.

When was the material definitive agreement entered into?

The filing lists 'Entry into a Material Definitive Agreement' as an item information, but the specific date of the agreement is not detailed in the provided text.

What is the purpose of the Regulation FD Disclosure mentioned?

Regulation FD Disclosure is listed as an item, suggesting that material non-public information may have been disclosed, but the content of this disclosure is not provided.

Are there any exhibits filed with this 8-K report?

Yes, 'Financial Statements and Exhibits' is listed as an item information, indicating that exhibits are part of this filing.

Filing Stats: 2,888 words · 12 min read · ~10 pages · Grade level 13.2 · Accepted 2024-10-23 08:05:30

Key Financial Figures

  • $0.001 — ich registered Common Stock, par value $0.001 per share VERI The Nasdaq Stock Mar
  • $104.0 m — e") for a total purchase price of up to $104.0 million, subject to purchase price adjust
  • $59.1 m — , the Company received cash proceeds of $59.1 million, which reflected the aggregate pu
  • $18.0 million — purchase price of $104.0 million, less $18.0 million subject to an earnout described below,
  • $20.3 million — subject to an earnout described below, $20.3 million of purchase price adjustments, and $6.7
  • $6.7 million — lion of purchase price adjustments, and $6.7 million placed in escrow accounts described bel
  • $1.5 million — ment). Of the amounts placed in escrow, $1.5 million was placed in an escrow account for pot
  • $5.2 million — e price adjustments and an aggregate of $5.2 million was placed in escrow accounts for the p
  • $30.5 million — proceeds from the Divestiture to repay $30.5 million principal amount of its outstanding ter
  • $3.3 million — yment premium in an aggregate amount of $3.3 million (collectively, the "Term Loan Repayment
  • $43.1 million — ving effect to the Term Loan Repayment, $43.1 million aggregate principal amount remained out
  • $27.3 million — ility and the Company had approximately $27.3 million of cash and cash equivalents. Prelimi

Filing Documents

Financial Statements and Exhibits

Financial Statements and Exhibits. (b) Pro Forma Financial Information The unaudited pro forma condensed combined consolidated financial information of the Company giving effect to the Divestiture and, in certain periods, the Broadbean Acquisition (defined below) are filed as Exhibit 99.3 to this Current Report on Form 8-K and are incorporated herein by reference. On June 13, 2023, the Company acquired (i) 100% of the issued and outstanding share capital of (a) Broadbean Technology Pty Ltd, (b) Broadbean Technology Limited, (c) Broadbean, Inc., and (d) CareerBuilder France S.A.R.L., and (ii) certain assets and liabilities related thereto (the foregoing clauses (i) and (ii) together, "Broadbean"), a talent acquisition software-as-a-service technology, pursuant to a securities and asset purchase agreement dated as of May 27, 2023 (the "Broadbean Acquisition"). The Company presented the acquisition of Broadbean in unaudited pro forma condensed combined financial statements filed on August 28, 2023. The Broadbean Acquisition combined with the Divestiture is referred to herein as the "Transactions." The unaudited pro forma condensed combined consolidated balance sheet of the Company as of June 30, 2024 included in Exhibit 99.3 gives effect to the Divestiture, including the Term Loan Repayment as if the Divestiture had been consummated on June 30, 2024. No adjustment related to the Broadbean Acquisition is necessary as the financial position of Broadbean was fully reflected in the Company's historical balances as of June 30, 2024. The unaudited pro forma condensed combined consolidated statement of operations of the Company for the six months ended June 30, 2024 included in Exhibit 99.3 gives effect to the Divestiture, including the Term Loan Repayment, as if it had occurred on January 1, 2022. No adjustments are necessary for the Broadbean Acquisition as Broadbean was fully consolidated in the Company's results for the six months ended June 30, 2024. The unau

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Veritone, Inc. Date: October 23, 2024 By: /s/ Michael L. Zemetra Michael L. Zemetra Executive Vice President, Chief Financial Officer and Treasurer

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