VERSES AI consolidates shares for Nasdaq uplisting

VERSES AI Inc., a cognitive computing company based in Vancouver, has announced a consolidation of its Class A Subordinate Voting Shares. This move is part of their plan to uplist these shares on the Nasdaq Capital Market. Under the consolidation plan, shareholders will receive one post-consolidated share for every nine shares they currently hold. The company hopes this increase in share price will help meet Nasdaq’s listing requirements and improve trading conditions. Gabriel René, the CEO, stated that listing on Nasdaq aligns with their growth strategy and will increase visibility and access to capital. The board approved this consolidation on March 3, 2025, and the record date for the consolidation is March 27, 2025. Trading on a post-consolidation basis is expected to begin on the same day. Currently, there are about 211 million outstanding shares, which will drop to approximately 23.5 million after consolidation. Shareholders will need to follow specific steps to receive their new shares. Those with physical certificates must submit a letter to the transfer agent, while direct registration system holders will receive their shares automatically. The consolidation will also adjust the exercise price of outstanding options and warrants. The company is also making staffing changes. James Christodoulou has been appointed as the new Chief Financial Officer. Kevin Wilson, the former CFO, is now the Chief Accounting Officer. The successful uplist to Nasdaq depends on meeting specific conditions and receiving Nasdaq's approval. However, there is no guarantee that the company will be able to list as planned.