Versus Systems receives Nasdaq notification over holders’ equity deficiency

Versus Systems announced that it has received a letter from the listing qualifications department staff of the NASDAQ Stock Market, notifying the company that the stockholders’ equity of $1,797,764 as reported in the company’s Quarterly Report on Form 10-Q for the period ended June 30, 2024 was below the minimum stockholders’ equity of $2,500,000. The minimum stockholders’ equity of $2,500,000 is required for continued listing on the NASDAQ Capital Market as set forth in NASDAQ listing rule 5550(b)(1), and the company does not meet the alternatives of market value of listed securities or net income from continuing operations. The company has been provided until October 7, 2024, to submit a plan to regain compliance with the minimum stockholders’ equity standard. If the company’s plan to regain compliance is accepted, NASDAQ may grant an extension of up to 180 calendar days from the date of the notification letter to evidence compliance with the minimum stockholders’ equity standard. The company is developing a plan with options to increase stockholder equity and regain compliance, with the goal of filing the plan with NASDAQ by the stated deadline. The company will provide further updates as required.