VERSES AI Inc. Implements Share Consolidation Strategy
VERSES AI Inc. Announces Strategic Share Consolidation
VERSES AI Inc. (CBOE: VERS) (OTCQB: VRSSD), a leader in cognitive computing, is on the verge of implementing a significant share consolidation. This decision, driven by the company's aim to enhance its financial structure and streamline operations, involves consolidating all issued Class A Subordinate Voting Shares into a reduced number. Specifically, every three pre-consolidated shares will convert into one post-consolidation share.
Details of the Consolidation
The consolidation, initiated by the board of directors, aims to reduce the total shares outstanding from approximately 26.2 million to around 8.7 million. From that moment on, the stock symbol will be updated to VRSSD. Trading on Cboe Canada Inc. is expected to recommence shortly after the consolidation is finalized, promising shareholders a more balanced equity structure.
Impact on Shareholders
Holders of physical share certificates will need to return their pre-consolidation shares to receive their new shares. For those represented by a direct registration system, the transition will occur automatically, easing the process for investors. This strategic move is expected to provide a more favorable trading environment, as fewer shares will be in circulation.
Additional Notes on Fractional Shares and Adjustments
Under this consolidation process, no fractional shares will be issued. Any fractions will be rounded, ensuring investors receive whole shares. Additionally, the conversion rates for any outstanding convertible securities, including stock options and warrants, will also adjust according to the new ratio, ensuring fairness and compliance with shareholder rights.
About VERSES AI Inc.
VERSES is focused on building next-generation intelligent software systems influenced by the principles found in nature's wisdom. Their flagship platform, known as Genius,™ utilizes advanced cognitive technology to provide domain-specific insights and predictions, fostering an innovative approach to business challenges. With a vision of a Smarter World, the company is dedicated to weaving technology with the fundamental workings of life.
Company Commitment to Shareholders
As VERSES continues to refine its operational strategy, its leadership under Founder and CEO Gabriel René emphasizes a commitment to transparency and shareholder value. Investors are encouraged to reach out with inquiries regarding their investments. For press inquiries, communications can be directed to press@verses.ai. For investor relations, James Christodoulou serves as the Chief Financial Officer, reachable at IR@verses.ai or at +1(212)970-8889.
Frequently Asked Questions
What is the purpose of the share consolidation at VERSES?
The consolidation aims to enhance the company's equity structure by reducing the total shares outstanding, simplifying the shareholder experience.
How will I exchange my pre-consolidation shares?
Holders of physical share certificates need to submit them to a designated transfer agent. However, those with shares in a direct registration system will be processed automatically.
What changes will occur to the stock symbol?
The stock symbol will change to VRSSD after the consolidation takes effect, providing a clear identifier for the post-consolidated shares.
Will fractional shares be issued after the consolidation?
No fractional shares will be issued. Any fractions will be rounded to ensure only whole shares are distributed.
Who can I contact for more information regarding my shares?
For any inquiries, shareholders can contact the company's Investor Relations through the provided email, or reach out directly to the designated CFO.
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