VerifyMe Rockets 82% After Hours: What Drove the Gain?

VerifyMe Inc. (NASDAQ:VRME) experienced a 82.16% surge in after-hours trading on Wednesday, following business development news.

Check out how VRME stock is trading here.

What Happened: The stock of the Florida-based brand protection solutions provider company closed at $0.69, marking a 1.76% decline for the day and rose to $1.25 after hours, according to the Benzinga Pro data.

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This surge follows the company’s announcement of a business agreement. On Tuesday, a wholly-owned subsidiary of VerifyMe, Inc., PeriShip Global, LLC (a logistics provider), entered into a UPS Digital Channel Program Agreement with United Parcel Service, Inc. (NYSE:UPS) and UPS Worldwide Forwarding, Inc. (NYSE:UPS).

This agreement provides PeriShip access to designated UPS services at promotional rates as part of specialized logistics management services for time-sensitive and perishable shipments, including proactive monitoring, weather tracking, and issue resolution through certain UPS digital channel program applications. The agreement has a term of three years, subject to customary termination and renewal provisions.

Why It Matters: The surge in VerifyMe’s stock price comes on the heels of the company’s strategic move to enter into a three-year UPS Digital Channel Program Agreement with UPS. This development has been viewed positively by the market, leading to a significant increase in the stock price. This surge in stock price is also in line with the overall trend in the technology sector, with several information technology stocks experiencing movement in the after-market session on the same day.

 Benzinga’s Edge Stock Rankings highlight VRME has a Value score of 80.98. Track the performance of other players in this segment.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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