Versus Systems Receives NASDAQ Notification Regarding Minimum Bid Price Deficiency
June 17 2022 - 4:30PM
Versus Systems Inc. (“Versus” or the “Company”) (Nasdaq: VS) today
announced that the Company received written notification (the
"Notification Letter") from The Nasdaq Stock Market LLC ("Nasdaq")
on June 14, 2022, that the Company is not in compliance with the
minimum bid price requirement set forth in Nasdaq Rules for
continued listing on Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and Listing Rule
5810(c)(3)(A) provides that a failure to meet the minimum bid price
requirement exists if the deficiency continues for a period of 30
consecutive business days. Based on the closing bid price of the
Company's common shares for the 30 consecutive business days from
May 2, 2022 to June 13, 2022, the Company no longer meets the
minimum bid price requirement.
The Notification Letter does not impact the Company's listing on
the Nasdaq Capital Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has been provided 180
calendar days, or until December 12, 2022, to regain compliance
with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the
Company's common shares must have a closing bid price of at least
US$1.00 for a minimum of 10 consecutive business days. In the event
the Company does not regain compliance by December 12, 2022, the
Company may be eligible for additional time to regain compliance or
may face delisting.
The Company's business operations are not affected by the
receipt of the Notification Letter.
About Versus Systems
Versus Systems Inc. is an engagement and rewards company that
makes live events, games, shows, and apps more fun to watch and
play. Versus adds interactive games, polling, trivia, predictive
elements, and other win conditions to existing entertainment -
whether in-venue or online - making the content more contextual,
personal, and rewarding. Versus works with world class sports
teams, leagues, venues, entertainment companies, and other content
creators to make engaging, rewarding experiences for fans all over
the world. For more information, please visit
www.versussystems.com or visit the official Versus
Systems YouTube channel.
Investor Contact:Cody Slach and Sophie
PearsonGateway Investor
Relations949-574-3860IR@versussystems.com
orpress@versussystems.com
Disclaimer for Forward-Looking
Information
This news release contains certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical fact, are forward looking statements
and are based on expectations, estimates and projections as at the
date of this news release. Any statement that involves discussions
with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions, future events or performance
(often but not always using phrases such as "expects", or "does not
expect", "is expected", "anticipates" or "does not anticipate",
"plans", "budget", "scheduled", "forecasts", "estimates",
"believes" or "intends" or variations of such words and phrases or
stating that certain actions, events or results "may" or "could",
"would", "might" or "will" be taken to occur or be achieved) are
not statements of historical fact and may be forward looking
statements. These forward-looking statements are based on
reasonable assumptions and estimates of management of the Company
at the time such statements were made. Actual future results may
differ materially as forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to
materially differ from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Although the forward-looking statements contained in
this news release are based upon what management of the Company
believes, or believed at the time, to be reasonable assumptions,
the Company cannot assure shareholders that actual results will be
consistent with such forward-looking statements, as there may be
other factors that cause results not to be as anticipated,
estimated or intended. Accordingly, readers should not place undue
reliance on forward-looking statements and information. There can
be no assurance that forward-looking information, or the material
factors or assumptions used to develop such forward-looking
information, will prove to be accurate. The Company does not
undertake any obligations to release publicly any revisions for
updating any voluntary forward-looking statements, except as
required by applicable law.
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