VERSES® Announces Consolidation of Class A Subordinate Voting Shares in Preparation for a Planned Uplisting to NASDAQ
VERSES AI (OTCQB:VRSSF) has announced a significant share consolidation as part of its strategy to uplist to the Nasdaq Capital Market. The consolidation will be executed on a 9:1 basis, reducing the current 211,290,407 Subordinate Voting Shares to approximately 23,476,711 shares.
The consolidation, approved by the board on March 3, 2025, aims to increase the per-share price to meet Nasdaq's initial listing requirements. Trading on a post-consolidation basis on Cboe Canada is expected to begin around March 27, 2025, with new CUSIP number 92539Q406 and ISIN CA92539Q4060.
The company believes the Nasdaq uplisting will enhance visibility, provide access to larger capital pools, attract diverse global shareholders, and improve liquidity. Additionally, VERSES announced leadership changes, with James Christodoulou appointed as CFO and Kevin Wilson transitioning to Chief Accounting Officer while maintaining his Secretary position.
VERSES AI (OTCQB:VRSSF) ha annunciato una significativa consolidazione delle azioni come parte della sua strategia per ottenere la quotazione al Nasdaq Capital Market. La consolidazione sarà eseguita su base 9:1, riducendo le attuali 211.290.407 Azioni di Voto Subordinate a circa 23.476.711 azioni.
La consolidazione, approvata dal consiglio il 3 marzo 2025, mira ad aumentare il prezzo per azione per soddisfare i requisiti di quotazione iniziali del Nasdaq. Si prevede che il trading su base post-consolidazione su Cboe Canada inizi intorno al 27 marzo 2025, con un nuovo numero CUSIP 92539Q406 e ISIN CA92539Q4060.
L'azienda crede che la quotazione al Nasdaq aumenterà la visibilità, fornirà accesso a pool di capitale più ampi, attirerà azionisti globali diversificati e migliorerà la liquidità. Inoltre, VERSES ha annunciato cambiamenti nella leadership, con James Christodoulou nominato CFO e Kevin Wilson che passerà a Chief Accounting Officer mantenendo la sua posizione di Segretario.
VERSES AI (OTCQB:VRSSF) ha anunciado una consolidación significativa de acciones como parte de su estrategia para listar en el Nasdaq Capital Market. La consolidación se llevará a cabo en una base de 9:1, reduciendo las actuales 211.290.407 Acciones de Voto Subordinado a aproximadamente 23.476.711 acciones.
La consolidación, aprobada por la junta el 3 de marzo de 2025, tiene como objetivo aumentar el precio por acción para cumplir con los requisitos de listado inicial del Nasdaq. Se espera que el comercio en base a la post-consolidación en Cboe Canadá comience alrededor del 27 de marzo de 2025, con un nuevo número CUSIP 92539Q406 y ISIN CA92539Q4060.
La empresa cree que la cotización en el Nasdaq mejorará la visibilidad, proporcionará acceso a mayores pools de capital, atraerá accionistas globales diversos y mejorará la liquidez. Además, VERSES anunció cambios en la dirección, con James Christodoulou nombrado CFO y Kevin Wilson pasando a Chief Accounting Officer mientras mantiene su posición de Secretario.
VERSES AI (OTCQB:VRSSF)는 Nasdaq Capital Market에 상장하기 위한 전략의 일환으로 중요한 주식 통합을 발표했습니다. 통합은 9:1 비율로 진행되어 현재의 211,290,407주 차등 의결권 주식을 약 23,476,711주로 줄입니다.
2025년 3월 3일 이사회에서 승인된 이 통합은 Nasdaq의 초기 상장 요건을 충족하기 위해 주당 가격을 높이는 것을 목표로 하고 있습니다. 통합 후 거래는 2025년 3월 27일경 Cboe Canada에서 시작될 것으로 예상되며, 새로운 CUSIP 번호는 92539Q406, ISIN은 CA92539Q4060입니다.
회사는 Nasdaq 상장이 가시성을 높이고, 더 큰 자본 풀에 접근할 수 있게 하며, 다양한 글로벌 주주를 유치하고, 유동성을 개선할 것이라고 믿고 있습니다. 또한, VERSES는 James Christodoulou를 CFO로 임명하고 Kevin Wilson이 회계 책임자로 전환하면서 비서직을 유지하는 리더십 변화를 발표했습니다.
VERSES AI (OTCQB:VRSSF) a annoncé une consolidation significative de ses actions dans le cadre de sa stratégie pour se coter sur le Nasdaq Capital Market. La consolidation sera effectuée sur une base de 9:1, réduisant les 211.290.407 Actions de Vote Subordonnées actuelles à environ 23.476.711 actions.
La consolidation, approuvée par le conseil d'administration le 3 mars 2025, vise à augmenter le prix par action pour répondre aux exigences de cotation initiales du Nasdaq. Les échanges sur une base post-consolidation sur Cboe Canada devraient commencer aux alentours du 27 mars 2025, avec un nouveau numéro CUSIP 92539Q406 et ISIN CA92539Q4060.
L'entreprise croit que la cotation au Nasdaq améliorera la visibilité, fournira un accès à des pools de capital plus importants, attirera des actionnaires mondiaux diversifiés et améliorera la liquidité. De plus, VERSES a annoncé des changements de direction, James Christodoulou étant nommé CFO et Kevin Wilson passant au poste de Chief Accounting Officer tout en conservant son poste de secrétaire.
VERSES AI (OTCQB:VRSSF) hat eine signifikante Aktienkonsolidierung als Teil seiner Strategie zur Notierung an der Nasdaq Capital Market angekündigt. Die Konsolidierung wird im Verhältnis 9:1 durchgeführt, wodurch die aktuellen 211.290.407 nachgeordneten stimmberechtigten Aktien auf etwa 23.476.711 Aktien reduziert werden.
Die Konsolidierung, die am 3. März 2025 vom Vorstand genehmigt wurde, zielt darauf ab, den Preis pro Aktie zu erhöhen, um die anfänglichen Listing-Anforderungen der Nasdaq zu erfüllen. Der Handel auf Basis der Post-Konsolidierung bei Cboe Kanada wird voraussichtlich am 27. März 2025 beginnen, mit einer neuen CUSIP-Nummer 92539Q406 und ISIN CA92539Q4060.
Das Unternehmen ist der Meinung, dass die Nasdaq-Notierung die Sichtbarkeit erhöhen, den Zugang zu größeren Kapitalpools ermöglichen, diverse globale Aktionäre anziehen und die Liquidität verbessern wird. Darüber hinaus gab VERSES Änderungen in der Führung bekannt, wobei James Christodoulou als CFO ernannt wurde und Kevin Wilson zum Chief Accounting Officer wechselt, während er seine Position als Sekretär beibehält.
- Planned uplisting to Nasdaq could provide access to larger capital pools
- Share consolidation aims to improve trading liquidity
- Strategy to attract more diverse global investors
- Potential for enhanced market visibility through Nasdaq listing
- No guarantee of successful Nasdaq listing approval
- Company must still meet certain pricing and financing conditions for uplisting
- Share consolidation will reduce total number of tradable shares
- Potential administrative burden for holders of physical share certificates
VANCOUVER, British Columbia, March 26, 2025 (GLOBE NEWSWIRE) -- VERSES AI Inc. (CBOE:VERS) (OTCQB:VRSSF) ("VERSES'' or the "Company”) a cognitive computing company specializing in next-generation intelligent software systems, is pleased to announce the consolidation of its Class A Subordinated Voting Shares in connection with an application to uplist such shares on the Nasdaq Capital Market (“Nasdaq”).
As part of the planned uplisting, the Company is consolidating all issued and outstanding Class A Subordinate Voting Shares (“Subordinated Voting Shares”) on the basis of one (1) post-consolidated Subordinated Voting Share for every nine (9) pre-consolidated Subordinated Voting Share held (the “Consolidation”).
“The consolidation is one of many initiatives that the Company is implementing in preparation for our intended uplisting to Nasdaq, which we believe is the next logical step in the Company’s growth journey,” stated Gabriel René, Founder and Chief Executive Officer of Verses. “We believe a listing on the Nasdaq, a major global exchange, aligns with the strategy and vision for the Company and will enhance our visibility, provide access to a larger pool of capital, attract a more diverse group of global shareholders and improve overall liquidity.”
The Consolidation is intended to increase the quoted per share price of the Company's Subordinate Voting Shares to satisfy Nasdaq’s initial listing requirement and to align the Company with trading fundamentals of its peers, improve liquidity and attract greater investment participation from a more diverse and larger set of investors.
The Company's board of directors approved the Consolidation on March 3, 2025, and have set March 27, 2025 as the record date of the Consolidation. Trading of the Subordinate Voting Shares on a post-Consolidation basis on Cboe Canada Inc. (“Cboe”) is expected to commence on or about March 27, 2025. The new CUSIP number for the Subordinate Voting Shares will be 92539Q406 and the new ISIN number will be CA92539Q4060. The Company's name and stock symbol will remain unchanged following the Consolidation.
As of the date hereof, the Company currently has 211,290,407 Subordinate Voting Shares issued and outstanding. The Consolidation will reduce the number of outstanding Subordinate Voting Shares to approximately 23,476,711 Subordinate Voting Shares issued and outstanding.
Holders of physical share certificates of the Company are required to complete and return a letter of transmittal to the Company’s transfer agent, Endeavor Trust Corporation, in order to receive their post-Consolidation Subordinate Voting Shares. Please visit www.endeavortrust.com for guidance on the process for returning your pre-consolidation share certificates and receiving your post-Consolidation Subordinate Voting Shares. Shareholders whose shares are represented by a direct registration system statement will automatically receive their post-Consolidation Subordinate Voting Shares without any further action. Shareholders who hold their shares through an intermediary are encouraged to contact their intermediaries if they have any questions.
No fractional Subordinate Voting Shares will be issued under the Consolidation as fractional Subordinate Voting Shares will be rounded either up or down to the nearest whole number of Subordinate Voting Shares. The exercise price and number of Subordinate Voting Shares issuable pursuant to the exercise of any outstanding convertible securities, including incentive stock options and warrants, will also be adjusted in accordance with the Consolidation ratio.
Prior to listing on Nasdaq, the Company's listing application must be approved by Nasdaq and the Company must satisfy certain pricing and financing conditions. There can be no assurance the Company’s listing application will be approved or that the Company will satisfy the required listing conditions in a timely manner, or at all.
The Company is pleased to announce that in addition to being appointed an officer of the Company’s wholly owned subsidiary Verses Inc., as previously announced in the Company’s press release dated February 27, 2025, James Christodoulou has been appointed the Company’s Chief Financial Officer and Kevin Wilson, the Company’s former Chief Financial Officer, has been appointed the Company’s Chief Accounting Officer. Kevin Wilson will also continue in his position as Secretary of the Company.
About VERSES
VERSES is a cognitive computing company building next-generation intelligent software systems modeled after the wisdom and genius of Nature. Designed around first principles found in science, physics and biology, our flagship product, Genius, is a suite of tools for machine learning practitioners to model complex dynamic systems and generate autonomous intelligent agents that continuously reason, plan, and learn. Imagine a Smarter World that elevates human potential through technology inspired by Nature. Learn more at verses.ai, LinkedIn, and X.
On behalf of the Company
Gabriel René, Founder & CEO, VERSES AI Inc.
Press Inquiries: press@verses.ai
Investor Relations Inquiries
U.S., Matthew Selinger, Partner, Integrous Communications, mselinger@integcom.us 415-572-8152
Canada, Leo Karabelas, President, Focus Communications, info@fcir.ca 416-543-3120
Cautionary Note Regarding Forward-Looking Statements
This news release contains statements which constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and plans of the Company. Forward-looking information and forward-looking statements are often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. More particularly and without limitation, this news release contains forward–looking statements and information relating to the expectation that the Company will complete the Consolidation; the effective date of the Consolidation; the record date of the Consolidation; the number of Subordinate Voting Shares outstanding following the Consolidation; the treatment of fractional shares in the Consolidation; and that the Company anticipates listing its Subordinate Voting Shares for trading on Nasdaq; and that a successful uplisting will help to better position the Company to progress towards a commercial launch of Genius™; and other statements that are not historical facts.
The forward–looking statements and information are based on certain key expectations and assumptions made by the management of the Company. As a result, there can be no assurance that such plans will be completed as proposed or at all. Such forward-looking statements are based on a number of assumptions of management, including, without limitation, that the Company will complete the Consolidation; that the Company will receive the necessary approvals to complete the Consolidation; that the number of Subordinate Voting Shares outstanding following the Consolidation will be consistent with the number set out herein; that the treatment of fractional shares will align with management’s current expectations; that the uplisting will better position the Company to progress towards a commercial launch of Genius™; that the Company will successfully list its Subordinate Voting Shares for trading on the Nasdaq as anticipated by management. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward–looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward–looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the Company’s ability to complete the Consolidation on the effective date, or at all; the number of post-Consolidation Subordinate Voting Shares may be different from the number set out herein, that the uplisting will not help to better position the Company to progress towards a commercial launch of Genius™ as anticipate by management, or at all and that the Company will not successfully list its Subordinate Voting Shares for trading on Nasdaq as anticipated by management or at all and other risks detailed from time to time in the filings made by the Company in accordance with securities regulations. Accordingly, readers should not place undue reliance on the forward–looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward–looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward–looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
FAQ
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