VERSES Announces Financing Agreement with a Notional Value of CAD$14 Million and Reduces Staff to Streamline Operations

Executive Summary

• VERSES AI Inc. announced a private placement of CAD $14,000,000 through the sale of 2,333,334 units at CAD $6.00 per unit.
• Each unit includes one common share and half of a common‑share purchase warrant exercisable at CAD $7.00.
• The company simultaneously launched a workforce reduction program (layoffs, furloughs, executive salary deferrals) to improve liquidity and extend its cash runway while focusing on commercializing its Genius™ platform.

Key Details

• Financing Structure: 2,333,334 Units @ CAD $6.00 per Unit → Notional proceeds of CAD $14,000,000.
• Unit Composition: 1 common share + ½ common‑share purchase warrant per unit.
• Warrant Terms: Exercise price CAD $7.00 per warrant; each full warrant represents the right to purchase one additional share.
• Closing: Expected in one or more tranches; subject to approval by Cboe Canada Inc.
• Use of Proceeds: Strengthen liquidity, fund commercialization of Genius™ platform, and support ongoing operations.
• Workforce Reduction Program: Targeted reductions, furloughs, and executive salary deferrals aimed at lowering cost structure and extending cash runway.
• Strategic Impact: Combined financing and cost‑saving measures are intended to accelerate path to profitability and create scalable long‑term value.

Notable Quotes

“The combined effect of the financing and work force reduction will significantly reduce the Company’s cost structure, extend its cash runway, and enhance the focus on the commercialization of our flagship product, Genius™.” – Gabriel René, Founder & CEO, VERSES AI Inc.