Versus Systems Inc. (NASDAQ:VS, CSE:VS) has announced the pricing of a public offering of its stock, with some of the funds targeted at the continued development of its engagement and rewards platform.
The Los Angeles-based company said it will sell 2.1 million units for gross proceeds of approximately $2.1 million, before deducting placement agent fees and other offering expenses.
Each unit will consist of either one common share or one pre-funded warrant to purchase one share, and two warrants to purchase one common share each, at a public offering price of $1 per unit. The warrants will have an exercise price of $1.10 per share, are exercisable immediately upon issuance, and will expire five years following the date of issuance, Versus said.
READ: Versus Systems sees 3Q revenue rise by 4% as it boots its product portfolio and reins in operating costs
The net proceeds from the offering will also be used for working capital and general corporate purposes, including marketing and sales expenses, as well as salaries and wages, the company said.
Roth Capital partners is acting as the exclusive placement agent for the offering, which is expected to close on December 9, Versus added.
Versus offers production services, the XEO platform, and rewards to drive audience engagement across all kinds of media and events from live sports to video games, and from streaming media to broadcast. The Versus platform can be integrated into mobile, console, and PC games, as well as streaming media and mobile apps.
Contact the author at stephen.gunnion@proactiveinvestors.com