Versus Systems Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

On November 28, 2022, Versus Systems Inc. (Nasdaq: VS) announced it regained compliance with Nasdaq's minimum bid price requirement after meeting the necessary criteria. Following a previous notice on June 14, 2022, about non-compliance due to a share price below $1.00, the company executed a 1-for-15 reverse split on November 8, 2022. Shares reached the required minimum bid price on November 22, 2022, allowing the company to remain listed on the Nasdaq Capital Market.

Positive

• Regained compliance with Nasdaq minimum bid price rule.
• Successful reverse stock split likely helped raise share price.

Negative

• Initial non-compliance with Nasdaq may raise concerns about stock performance.

LOS ANGELES, Nov. 28, 2022 (GLOBE NEWSWIRE) -- Versus Systems Inc. (“Versus” or the “Company”) (Nasdaq: VS) announced that it has received notice from The Nasdaq Stock Market LLC ("Nasdaq") on November 23, 2022 informing the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the "Rule") for continued listing on the Nasdaq Capital Market.

On June 14, 2022, Versus received notice from Nasdaq that the Company was not in compliance with the Rule, as its common shares failed to meet a closing bid price of $1.00 or more for 30 consecutive business days. The Company conducted a 1-for-15 reverse split of its common shares on November 8, 2022, to aid the compliance process.

To regain compliance with the Rule, 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. This requirement was met on November 22, 2022.

About Versus Systems

Versus Systems Inc. has developed a proprietary prizing and promotions engine that allows publishers, developers, and creators of streaming media, live events, broadcast TV, games, apps, and other content to offer real world prizes inside their content. Audiences can choose from among the offered prizes and then complete in-game or in-app challenges to win the prizes. The Versus platform can be integrated into streaming media, TV, mobile, console, and PC games, as well as mobile apps. For more information, please visit www.versussystems.com or visit the official Versus Systems YouTube channel.

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

Disclaimer for Forward-Looking Information 

This news release contains certain forward-looking information and forward-looking statements within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward looking statements. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable law. 

FAQ

What led Versus Systems to regain compliance with Nasdaq?

Versus Systems regained compliance by ensuring its shares met the minimum closing bid price of $1.00 for at least 10 consecutive business days.

What was the reverse split executed by Versus Systems?

Versus Systems conducted a 1-for-15 reverse stock split on November 8, 2022, to help meet Nasdaq compliance.

When did Versus Systems regain compliance with Nasdaq?

Versus Systems regained compliance on November 22, 2022, after meeting the minimum bid price requirement.

What is the current status of Versus Systems stock?

As of November 28, 2022, Versus Systems' stock is compliant with Nasdaq listing rules after a successful bid price recovery.