Versus Systems Announces 1-For-16 Reverse Stock Split, Effective As Of The Close Of Trading On December 28, 2023
Portfolio Pulse from Benzinga Newsdesk
Versus Systems Inc. (NASDAQ:VS) has announced a 1-for-16 reverse stock split effective at the close of trading on December 28, 2023. This action is to comply with Nasdaq's listing requirements and will reduce the number of outstanding shares from approximately 40.1 million to about 2.5 million. No fractional shares will be issued, and any fractions will be rounded to the nearest whole share. Equity awards and exercise prices will be adjusted accordingly. The split-adjusted trading will start on December 29, 2023, and shares will have a new CUSIP number post-Consolidation.
December 22, 2023 | 9:06 pm
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Versus Systems Inc. is undergoing a 1-for-16 reverse stock split to maintain compliance with Nasdaq listing requirements, significantly reducing its outstanding shares.
Reverse stock splits are often used by companies to comply with exchange listing requirements and can be viewed as a measure to boost the stock price to meet certain thresholds. However, the market's reaction to such events can be mixed, as it may also be perceived as a sign of underlying issues with the company's performance or value. Therefore, the short-term impact on the stock price could be neutral as the market absorbs the news.
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