Shares of Verb Technology Co. Inc. (VERB) soared an astonishing 122.2% in afternoon trading, reaching a three-month high. This surge comes on the heels of an exciting announcement revealing a strategic partnership between Verb, a provider of interactive video-based sales apps, and the popular social media platform, TikTok.
The stock’s meteoric rise marks its largest one-day gain since going public in September 2020. Trading volume has skyrocketed to a record-breaking 76.5 million shares, significantly surpassing the average full-day trading volume of 42,000 shares. In fact, there have been seven instances of volatility halts since the market opened.
Verb’s latest partnership entails allowing sellers on its Market.live platform to livestream their broadcasts not only on TikTok but also on other social media platforms simultaneously. Furthermore, the integration enables sellers’ customers to make direct purchases on and through the TikTok app. Verb’s Chief Executive, Rory Cutaia, spoke highly of the collaboration, stating, “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.”
Earlier this year, Verb made headlines when its stock experienced a meme-like rally, surging 69.7% on January 23rd. This rally was a result of Verb joining other small-capitalization companies in taking action against illegal short-selling and bearish bets made on its stock.
Despite this recent surge, Verb shares are still down by 75.8% year to date. In comparison, the Russell 2000 Index of small-cap stocks has gained 7.0%, and the S&P 500 has climbed an impressive 17.4% during the same period.
