09:23 AM EDT, 10/14/2024 (MT Newswires) -- Verb Technology's ( VERB ) Q3 results will be "exceedingly better" than Q2 as its restructured businesses gain traction, Chief Executive Rory Cutaia said Monday in a letter to stockholders.

Shares of the company were up as much as 75% in recent premarket activity.

"It makes no sense to me that the stock should trade the way it does," Cutaia said, adding that Verb's stock should be trading at more than $22 per share given its low debt balance and years of cash runway. The stock last closed at $7.91.

Cutaia said Verb's Market.live e-commerce platform business has changed its model from a percent-of-client-sales model to a fixed-price, contract-based, and recurring revenue stream. The company also has another business vertical that is yet to be revealed, the CEO said.

The company's new Go Fund Yourself online show is "disrupting the equity crowd-funding sector," Cutaia said. It has a revenue model that includes cash and equity-based fees for appearances, with sales percentages from the show's shopping platform as well as revenue from sponsorships and advertisers.

Cutaia also defended the company's recent reverse stock split, which he said was unavoidable due to Nasdaq's delisting notice.

Price: 13.87, Change: +5.96, Percent Change: +75.35