secwatch.observer — SEC 8-K summary
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Issuer:     Versus Systems Inc. (VS)
CIK:        0001701963
Form:       8-K
Filed at:   2024-10-22T23:59:59+00:00
Accession:  0001213900-24-089687
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

Versus Systems issues $2.5M convertible note to ASPIS; could give ASPIS ~43.6% stake
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- ASPIS Cyber Technologies invests $2.5M via senior convertible note; initial $500k funded, $2M due by Nov 15.
- Note bears 10% interest, matures in one year; convertible at $1.16/share into units (common + half-warrants at $4.00) subject to shareholder approval.
- Upon full conversion, ASPIS would own ~43.6% of outstanding common shares (excluding warrants).
- Also on Oct 16, 2024, 240,490 warrants exercised for $885k, issuing 240,490 common shares.
- Note is senior to other indebtedness; default triggers acceleration.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1701963/000121390024089687/0001213900-24-089687-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1701963/000121390024089687/ea021771301-8k_versus.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-089687

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer