Versus Systems Inc. ("Versus" or the "Company") (NASDAQ:VS) announced today that its Board of Directors has approved a 1-for-16 reverse split of its common shares (the "Consolidation") to comply with Nasdaq's listing requirements. The Consolidation is effective as of the close of trading on December 28, 2023.
As a result of the Consolidation, every 16 common shares of the Company will be converted into one common share, reducing the number of issued and outstanding common shares from approximately 40.1 million to approximately 2.5 million. No fractional common shares will be issued in connection with the Consolidation, and any fractional shares created as a result of the Consolidation will be rounded to the nearest whole common share. The number of Versus' common shares issuable upon vesting or the exercise of equity awards, such as stock options and other derivative securities, along with the corresponding exercise prices thereof, will each be proportionally adjusted.
Versus expects its common shares to commence trading on a split-adjusted basis as of the open of trading on December 29, 2023.
A letter of transmittal will be sent by mail to shareholders advising them that the Consolidation has taken effect and instructing them to surrender the certificates evidencing their common shares for replacement certificates representing the number of common shares to which they are entitled as a result of the Consolidation. Until surrendered, each certificate formerly representing common shares will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the Consolidation.
The Company's common shares will trade under a new CUSIP number 92535P873 following the effectiveness of the Consolidation.