The consolidation is part of VERSES' broader strategy to align with trading fundamentals, improve liquidity, and position itself for the commercial launch of its flagship product, Genius. The company has appointed James Christodoulou as Chief Financial Officer, while Kevin Wilson transitions to Chief Accounting Officer. VERSES emphasizes that forward-looking statements are based on management's expectations and assumptions, acknowledging inherent risks and uncertainties. The company advises shareholders to consult their intermediaries regarding the consolidation process and fractional share treatment.
Key takeaways:
- VERSES AI Inc. is consolidating its Class A Subordinate Voting Shares on a 1-for-9 basis in preparation for a planned uplisting to Nasdaq.
- The consolidation aims to increase the quoted per share price to meet Nasdaq's initial listing requirements and improve liquidity.
- Post-consolidation, the number of outstanding Subordinate Voting Shares will be reduced to approximately 23,476,711 from 211,290,407.
- The company's board approved the consolidation on March 3, 2025, with the record date set for March 27, 2025.