secwatch.observer — SEC 8-K summary
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Issuer:     Versus Systems Inc. (VS)
CIK:        0001701963
Form:       8-K
Filed at:   2024-10-15T23:59:59+00:00
Accession:  0001213900-24-087879
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01
LLM model:  deepseek-v4-flash:cloud@v2

Versus Systems enters $2.5M funding and licensing deal with ASPIS to satisfy Nasdaq minimum equity rule
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- ASPIS to invest $500K initially and $2M by Nov 15, 2024, via a senior convertible promissory note.
- Conversion price set at greater of $1.16/share or 5-day VWAP; upon conversion ASPIS could own ~45.8% of common shares.
- Versus grants ASPIS perpetual license to gamification tech for $165K/month starting Jan 2025; ASPIS funds modifications.
- Deal is part of a Nasdaq compliance plan to meet the $2.5M minimum shareholders' equity requirement.
- ASPIS is an affiliate of largest shareholder Cronus Equity Capital Group (39.5% stake); director Luis Goldner is also an ASPIS shareholder.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1701963/000121390024087879/0001213900-24-087879-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1701963/000121390024087879/ea021771302-8k_versus.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-087879

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