Artificial intelligence company Veritone, Inc. (Nasdaq: VERI) in Costa Mesa said it has priced its previously announced underwritten public offering consisting of 3 million shares of its common stock at a public offering price of $18.50 per share.
“In addition, Veritone, Inc. has granted the underwriters for the offering a 30-day option to purchase up to an additional 450,000 shares of common stock offered in the public offering,” the company said in a statement today.
The offering is expected to close on Dec. 7, subject to customary closing conditions, Veritone said.
Gross proceeds to Veritone, Inc. from the offering will be $55.5 million, before deducting the underwriting discounts and other offering expenses payable by Veritone, Inc., but excluding any exercise of the underwriters’ option, the statement added.
Shares in Veritone fell 5% to $23.09 apiece for a market cap of $640 million after the pricing announcement.
