Versus Systems Inc. (NASDAQ: VS) shares are experiencing a dramatic rise on the US stock charts today, reaching $7.74, marking a significant 509.45% increase. This surge follows the company’s announcement of entering two pivotal agreements with Aspis Cyber Technologies, Inc. (“ASPIS”), a firm specializing in cloud-based mobile endpoint cybersecurity.
Versus Systems is Strengthening Ties with Aspis Cyber Technologies
ASPIS, a key player in cybersecurity, shares strategic affiliations with Cronus Equity Capital Group, LLC, which holds approximately 39.5% of Versus Systems’ (VS) outstanding common stock.
A major shareholder of Cronus also holds shares in ASPIS, further deepening the relationship between the entities. Additionally, one of Versus Systems’ directors serves as a director for ASPIS, underscoring the alignment between the two companies.
Funding and Investment Agreement
ASPIS’s pledge to invest $2.5 million in VS is outlined in the first agreement, which is known as a business funding agreement. This investment will be made in phases, with a $500,000 down payment and the full $2 million due by November 15, 2024, at the latest.
Versus Systems will issue a $2.5 million unsecured convertible promissory note in exchange. This note is convertible into units comprising one common share and a warrant to purchase half a common share at an exercise price of $4.00 per share, providing ASPIS with options for financial return.
Technology Licensing and Software Development Agreement
The second agreement focuses on technology licensing and software development. Under this arrangement, ASPIS will license Versus Systems’ gamification, engagement, and QR code technology, integrating these solutions into its cybersecurity offerings.
The licensing will target sectors such as government, finance, gaming, and social media. ASPIS will pay a monthly fee for the license and additional compensation for any technological updates or innovations.
VS Eyeing Compliance with Nasdaq and Future Prospects
These agreements represent the company’s commitment to maintaining compliance with Nasdaq’s listing rules, particularly the requirement to hold a minimum of $2.5 million in shareholders’ equity.
By securing this investment, Versus Systems (VS) strengthens its financial standing and advances its technological capabilities, positioning itself for continued growth and innovation until at least September 30, 2025.
