Versus Systems Inc. - VS STOCK NEWS

Versus Systems (NASDAQ: VS) has entered into two significant agreements with ASPIS Cyber Technologies, a cloud-based mobile endpoint cybersecurity technology firm. The first agreement, a Business Funding Agreement, involves ASPIS investing $2.5 million in Versus Systems through an unsecured convertible promissory note. The second agreement, a Technology Licensing and Software Development Agreement, allows ASPIS to license Versus Systems' gamification, engagement, and QR code technology for integration into its cybersecurity offerings.

These agreements form the foundation of Versus Systems' compliance plan submitted to Nasdaq to address the requirement of maintaining a minimum of $2.5 million in shareholders' equity for continued listing. The company aims to exceed this requirement until at least September 30, 2025. The partnership is expected to strengthen Versus Systems' financial position and enhance its technological capabilities in cybersecurity solutions.

Versus Systems (NASDAQ: VS) has received a notification from NASDAQ regarding a minimum stockholders' equity deficiency. The company's reported stockholders' equity of $1,797,764 as of June 30, 2024, falls below the required $2,500,000 for continued listing on the NASDAQ Capital Market. Versus Systems has until October 7, 2024, to submit a compliance plan. If accepted, NASDAQ may grant up to 180 calendar days to regain compliance. The company is developing a plan to increase stockholder equity and aims to file it by the deadline.

Versus Systems specializes in a proprietary in-game prizing and promotions engine, allowing game developers to offer real-world rewards in their games. The company is headquartered in Los Angeles, California.

Versus Systems (NASDAQ: VS), a leader in interactive entertainment and audience engagement solutions, has appointed Geoff Deller as its new interim Chief Financial Officer. Deller brings extensive experience in finance, investment banking, and technology, particularly in social media, entertainment, and SMS messaging. He has also held executive and advisory roles in various privately owned companies across multiple sectors.

Interim CEO Curtis Wolfe expressed confidence in Deller's alignment with the Board's vision for the company. Deller's appointment is seen as a strategic move to guide Versus Systems through its next growth phase, leveraging his financial leadership to capitalize on new opportunities and build upon the company's accomplishments.

Versus Systems announced a strategic restructuring with Curtis Wolfe appointed as the new Interim CEO. Wolfe brings extensive experience in technology, including online media, ad technologies, and video games. The company plans a thorough review of its technologies and market position to enhance gaming experiences and explore strategic partnerships. This restructuring follows the resignation of the former CEO, CFO, Chairman, and independent directors. The company aims to drive growth and innovation with support from new investors.

Versus Systems (NASDAQ: VS) has canceled its special shareholder meeting scheduled for May 30, 2024.

The board decided that reorganizing Versus as a Delaware is no longer in the best interest of shareholders.

Consequently, the proposals set forth in the proxy statement filed with the SEC on April 29, 2024, have been withdrawn.

Versus Systems specializes in enhancing engagement and rewards for live events, games, shows, and apps. They collaborate with sports teams, leagues, and entertainment companies to create interactive and rewarding experiences for fans worldwide.

Versus Systems Inc. (NASDAQ: VS) to participate in the 36th Annual ROTH Conference at The Ritz-Carlton, Laguna Niguel. Management available for one-on-one meetings on March 19, 2024. Contact ROTH representative or VS@gateway-grp.com for more information.

Versus Systems Inc. has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) after conducting a 1-for-16 reverse split of its common shares. The Company's common shares were required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive business days, a requirement met on January 12, 2024.

Versus Systems Inc. (VS) shareholders approve all matters at Annual General Meeting, including the election of directors and appointment of Auditor.

Versus Systems Inc. (Nasdaq: VS) has announced a 1-for-16 reverse split of its common shares to comply with Nasdaq’s listing requirements. The Consolidation is effective as of December 28, 2023, reducing the number of issued and outstanding common shares from approximately 40.1 million to approximately 2.5 million. Versus expects its common shares to commence trading on a split-adjusted basis as of December 29, 2023.