Item 8.01 Other Events.
On April 14 and April 15, 2020, Veritone, Inc. and its wholly-owned subsidiary,
Veritone One, Inc. (collectively the "Company") received proceeds from loans in
the aggregate amount of $6,491,300 (the "PPP Loans") from Sunwest Bank (the
"Lender") made to the Company under the Paycheck Protection Program (the "PPP")
established under the Coronavirus Aid, Relief, and Economic Security Act (the
"CARES Act"). The Company believes that it qualified to apply for and receive
the funds pursuant to the PPP under the provisions of the CARES Act and the
guidance in effect at that time. However, in light of new guidance issued by the
Small Business Administration subsequent to the Company's receipt of the PPP
Loans, the recent improvement in the Company's business outlook and the greater
stability in the capital markets, the Board of Directors of the Company
determined to repay the full amount of the PPP Loans to the Lender. The Company
completed the repayment of the PPP Loans on May 18, 2020.
This Current Report on Form 8-K contains forward-looking statements regarding
the Company's business outlook and stability in the capital markets. These
forward-looking statements speak only as of the date hereof, and are based on
management's current assumptions, beliefs and information. As such, the
Company's actual results could differ materially and adversely from those
expressed in any forward-looking statement as a result of various factors,
certain of which are discussed in more detail in the Company's Annual Report on
Form 10-K and other periodic reports filed with the Securities and Exchange
Commission. In light of the significant uncertainties inherent in the
forward-looking information included herein, the inclusion of such information
should not be regarded as a representation by the Company or any other person
that the Company's objectives or plans will be achieved. The forward-looking
statements contained herein reflect the Company's beliefs, estimates and
predictions as of the date hereof, and the Company undertakes no obligation to
revise or update the forward-looking statements contained herein to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events for any reason, except as required by law.
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