Artificial intelligence software maker Veritone Inc. in Costa Mesa said it will return $6.5 million in loans from Sunwest Bank under the Paycheck Protection Program for small businesses hit by the coronavirus pandemic.
The company’s move comes “in light of the revised guidance issued by the U.S. Small Business Administration, the recent improvement in the company’s business outlook, and the greater stability in the capital markets.”
Veritone said in a statement it has “adequate financial flexibility and additional avenues to maintain our capital position” and believes it is “well positioned to continue to pursue our strategic goals.”
Shares in Veritone rose 1% to $6.99 apiece for a market cap of $189 million.
