Versus Systems Inc has announced the pricing of its public offering of 4.37 million units for gross proceeds of US$7 million before deducting underwriting discounts and commissions and other offering expenses payable.
The company, which has offices in Los Angeles and Vancouver, said it plans to use the net proceeds from the offering for working capital and general corporate purposes.
Each unit consists of one common share, no par value per share, and one warrant to purchase one common share, at a price of $1.60 per unit and a warrant exercise price of $1.92. All the shares and warrants in the offering are being sold by Versus.
READ: Versus Systems to power interactive in-venue fan engagement experience for NHL’s Anaheim Ducks
In addition, Versus has granted the underwriters a 30-day option to purchase up to an additional 656,250 common shares, and/or 656,250 additional warrants at the public offering price, in any combination, on the same terms as the other common shares and warrants being purchased by the underwriters from Versus.
The offering is subject to customary closing conditions and is expected to close on February 28, 2022.
DA Davidson & Company and HC Wainwright & Co. LLC are acting as joint book-running managers for the offering and as representatives of the underwriters in this offering.
A registration statement relating to the securities being sold in the offering was declared effective by the Securities and Exchange Commission on February 2, 2022.
Versus is disrupting the conventional advertising landscape with an innovative choice/reward model. The company has developed a business-to-business software promotions engine that allows publishers, developers, and creators of games, apps, and other interactive media to offer prize-based matches of their games to players and consumers. Interestingly, data reveals two things very clearly: people hate ads, and people love rewards.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive