Versus Systems Inc. (NASD: VS), which underwent a stock split this week, has increased 28.67% to $3.86 in pre-market trading hours on the latest check Friday.
How did VS handle the split?
In order to meet Nasdaq’s listing criteria, Versus Systems’ (VS) Board of Directors has approved a 1-for-15 reverse split of the company’s common shares (the “Consolidation”). At the end of trade on November 8, 2022, the Consolidation went into effect.
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The number of issued and outstanding common shares of Versus Systems will drop from about 31.1 million to around 2.1 million as a consequence of the Consolidation, which will convert every 15 common shares into one common share. There won’t be any fractional common shares issued in conjunction with the consolidation, and any fractional shares that are produced will be rounded up to the next full common share. Equivalent equity awards, such as stock options and other derivative securities that are exercisable will result in the issuance of a certain number of VS common shares, and their corresponding exercise prices will also be correspondingly modified.
Versus anticipates that as of the start of trade on November 9, 2022, its common shares will start trading on a split-adjusted basis. Versus Systems sent a letter of transmittal to shareholders informing them of the consolidation’s implementation and directing them to exchange their original certificates for replacement certificates denoting the number of common shares to which they are now entitled. Each certificate that formerly represented common shares will be taken into consideration for all reasons as reflecting the number of common shares to which the holder is entitled as a consequence of the Consolidation up until it is surrendered.
VS to have an impact:
The premium men’s grooming firm HUE for Every Man, owned by NBA Champion Matt Barnes, will increase brand exposure at the UCLA Anderson Global Sports Business Forum in Los Angeles on October 21, 2022, according to a recent announcement by Versus Systems. This ground-breaking marketing tool from VS was created to promote brand loyalty through rewarding games, and it perfectly embodies the values of the HUE for Every Man brand.
With the purchase of HUE for Every Man’s cutting-edge hair and skin care products, attendees will have the opportunity to play a customized version of Versus’ Swish basketball game for a chance to win a free product by scanning posters for the brand inside the Pauley Pavilion and on the scoreboard that will be displayed for this engagement. After the campaign, the HUE for Every Man team will have access to consented first-party data that gives them a better insight of the target market for their products and their preferences, enabling them to make more intelligent choices.