Versus Systems Inc. (NASDAQ:VS, CSE:VS) has received approval from its Board of Directors for a 1-for-16 reverse split of shares, effective at the close of trading on December 28.
Following the consolidation, every 16 shares will be converted into one, reducing outstanding shares from approximately 40.1 million to around 2.5 million. No fractional shares will be issued, and any created will be rounded to the nearest whole common share.
The adjustment also applies to equity awards, ensuring proportional changes. Trading on a split-adjusted basis is expected to commence on December 29, 2023.