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VANCOUVER - VERSES AI Inc. (CBOE:VERS) (OTCQB:VRSSD), currently valued at $5.36 million market cap and showing a strong YTD return of 9.62%, announced Wednesday the pricing of its public offering of 1,007,764 units at US$6.946 (C$9.50) per unit for gross proceeds of approximately US$7 million.
Each unit consists of one Class A subordinate voting share and one-half of a share purchase warrant. Each whole warrant will be exercisable to acquire one share at US$8.409 (C$11.50) per share for 36 months from issuance.
A.G.P. Canada Investments ULC is acting as lead agent for the offering, with A.G.P./Alliance Global Partners serving as U.S. agent.
The company has filed a preliminary prospectus supplement and intends to file a final prospectus supplement to its short form base shelf prospectus in Canadian provinces and territories, except Quebec. The documents have also been filed with the U.S. Securities and Exchange Commission as part of the company’s registration statement on Form F-10.
Closing of the offering remains subject to market conditions and regulatory approvals, including approval from Cboe Canada Inc.
According to the press release, VERSES plans to use the net proceeds to strengthen its financial position, finance ongoing operations, fund research and development objectives, and for working capital and general corporate purposes.
VERSES AI describes itself as a cognitive computing company developing intelligent software systems modeled after natural systems. According to InvestingPro analysis, the company maintains a "GREAT" financial health score of 3.28, suggesting strong operational fundamentals.
The offering is expected to provide additional liquidity as the company continues its development work, based on the company’s statement. InvestingPro subscribers can access additional insights, including detailed financial metrics and growth projections. Get access to 12+ exclusive ProTips and comprehensive financial analysis to make more informed investment decisions.
In other recent news, VERSES AI Inc. announced its intention to conduct a securities offering, with the terms yet to be determined. This offering will be executed on a reasonable best-efforts basis, with the pricing and specific securities to be finalized based on market conditions. A.G.P. Canada Investments ULC is set to serve as the lead agent, while A.G.P./Alliance Global Partners will act as the U.S. agent for the offering. The company plans to file a preliminary prospectus supplement, followed by a final prospectus supplement, to its short form base shelf prospectus dated September 26, 2024, in all Canadian provinces and territories except Quebec. Additionally, these documents will be filed with the U.S. Securities and Exchange Commission as part of the company’s registration statement on Form F-10, which became effective on October 1, 2024. VERSES AI has indicated that the completion, size, and terms of the offering remain uncertain and subject to market conditions and customary approvals.
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