Versus Systems Announces Cancellation of Special Meeting Scheduled for May 30, 2024

Rhea-AI Summary

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Consequently, the proposals set forth in the proxy statement filed with the SEC on April 29, 2024, have been withdrawn.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

Positive

• Cancellation of reorganization signals that the board is responsive to what is best for shareholders.
• Versus Systems continues to focus on its core business of enhancing engagement and rewards in the entertainment sector.
• Versus maintains its existing corporate structure, avoiding possible complications and uncertainties related to the reorganization.

Negative

• Cancellation may be viewed as a lack of clear strategic direction.
• Potential missed opportunities that could have come from the reorganization into a Delaware
• Shareholders who may have been in favor of the reorganization might be disappointed.

LOS ANGELES, May 29, 2024 (GLOBE NEWSWIRE) -- Versus Systems Inc. (“Versus” or the “Company”) (NASDAQ: VS) today announced the cancellation of the special meeting of shareholders that was originally scheduled for May 30, 2024 at 10:30 a.m. Vancouver time.

The board of directors no longer believes reorganizing Versus as a Delaware corporation to be in the best interest of shareholders. As such, the Company has canceled the vote and withdrawn from shareholder consideration the proposals set forth in the proxy statement/prospectus filed with the SEC on April 29, 2024.

About Versus Systems

Versus Systems Inc. is an engagement and rewards company that makes live events, games, shows, and apps more fun to watch and play. Versus adds interactive games, polling, trivia, predictive elements, and other win conditions to existing entertainment - whether in-venue or online - making the content more contextual, personal, and rewarding. Versus works with world class sports teams, leagues, venues, entertainment companies, advertisers, and other content creators to make engaging, rewarding experiences for fans all over the world. For more information, please visit www.versussystems.com or visit the official Versus Systems YouTube channel.

Investor Contact:
Cody Slach and Jackie Keshner
Gateway Group, Inc.
949-574-3860
IR@versussystems.com
or
press@versussystems.com

FAQ

Why did Versus Systems cancel the special meeting on May 30, 2024?

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

What was the special meeting on May 30, 2024, about for Versus Systems (VS)?

The meeting was intended to vote on reorganizing Versus Systems as a Delaware

What will happen to the proposals set out in the proxy statement filed with the SEC on April 29, 2024?

The proposals have been withdrawn and will no longer be considered by shareholders.

What is the primary focus of Versus Systems (VS)?

Versus Systems specializes in adding engagement and rewards to live events, games, shows, and apps, collaborating with sports teams, leagues, and entertainment companies.