Versus Systems Inc. - VSSYW STOCK NEWS

Versus Systems Inc. (NASDAQ: VS) has completed a registered direct offering of 2,500,000 common shares at a price of $0.90 per share, raising approximately $2,250,000 in gross proceeds. Roth Capital Partners served as the exclusive placement agent for the offering. The funds will be utilized for working capital and general corporate purposes. The shares were offered under a previously filed shelf registration statement with the SEC. This transaction allows Versus to enhance its financial flexibility as it continues to engage in interactive entertainment.

Versus Systems has announced a registered direct offering of 2,500,000 common shares at $0.90 each, expected to close around February 6, 2023. The offering will generate approximately $2,250,000 in gross proceeds, aimed at working capital and general corporate purposes. Prior to this offering, Versus had 8,182,171 shares outstanding, with the increase due to cash exercises of warrants. Roth Capital Partners is acting as the exclusive placement agent for the transaction. The shares are being offered pursuant to an effective shelf registration statement filed with the SEC.

Versus Systems Inc. (Nasdaq: VS) announced a partnership with Resolve Debt Inc. aimed at enhancing AI-driven credit and debt management solutions. This collaboration focuses on gamifying debt management to address the $4.5 trillion US consumer debt market. Versus aims to leverage its expertise in interactive rewards to create engaging experiences for users, while Resolve utilizes advanced AI to improve consumer engagement in financial management. Executives from both companies highlighted the need for innovative solutions for effective debt repayment among consumers, especially amidst rising credit card debt.

Versus Systems Inc. (Nasdaq: VS) has received a Notification Letter from Nasdaq, indicating non-compliance with minimum bid price requirements. The company must maintain a closing bid price of at least US$1.00 per share for 10 consecutive business days to regain compliance. The deficiency was noted for the period from December 7, 2022, to January 20, 2023. Versus has until July 24, 2023, to rectify this issue, though its Nasdaq listing remains unaffected at this time. The company emphasizes that business operations continue as usual despite this notification.

Versus Systems Inc. (NASDAQ: VS) has announced a public offering of 2,100,000 units at $1.00 each, aiming for gross proceeds of approximately $2.1 million. Each unit includes a common share or pre-funded warrant to purchase a common share, along with two warrants for additional common shares. The warrants have an exercise price of $1.10 and expire in five years. The offering is expected to close on December 9, 2022. The proceeds will be used for working capital, marketing, sales, and the development of their engagement and rewards platform.

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.

Versus Systems reported a 25% revenue increase from Q2 2022, reaching $0.3 million for Q3 2022, alongside a 4% rise from Q3 2021. Operating and investing cash usage decreased by 25%, yet a net loss of $(3.5) million was recorded. The company launched Click Play Win, a new interactive advertising tool. A strategic investment from Yat Siu was announced, further strengthening its financial position. Additionally, Versus appointed Shannon Pruitt to its Board of Directors and implemented a 1-For-15 Reverse Stock Split to comply with Nasdaq requirements.

Versus Systems announced a 1-for-15 reverse stock split to comply with Nasdaq listing requirements, effective November 8, 2022. The consolidation will reduce the number of outstanding shares from approximately 31.1 million to 2.1 million. Each holder will receive new certificates reflecting their adjusted holdings, with no fractional shares issued. The common shares will resume trading with a new CUSIP number 92535P881 on November 9, 2022. This step will help maintain compliance with stock exchange regulations.

Versus Systems Inc. (Nasdaq: VS) announced the launch of its innovative Click Play Win advertising tool to enhance brand awareness for HUE for Every Man at the UCLA Anderson Global Sports Business Forum on October 21, 2022. This tool enables attendees to engage with a customized Swish basketball game via a QR code, offering rewards for participation. The collaboration with NBA Champion Matt Barnes and HUE's CEO Jessica Estrada aims to provide valuable first-party data for targeted marketing, enhancing engagement and brand recognition.