VS - Versus Systems stock slides after pricing $2.1M securities offering

• Versus Systems ( NASDAQ: VS ) shares fell 34% premarket on Wednesday after the engagement and rewards company priced its public offering of 2.1M units for gross proceeds of ~$2.1M.
• Each unit consists (i) of either (a) one common share or (b) one pre-funded warrant to purchase one common share and (ii) two warrants to purchase one common share each, issued at a public offering price of $1.00 per unit.
• The warrants are exercisable at $1.10/share immediately upon issuance and will expire five years following the date of issuance.
• The offering is expected to close on December 9, 2022, subject to customary closing conditions.
• Net proceeds from the offering will be used for working capital and general corporate purposes, including marketing and sales expenses, the costs and expenses of our continuing development of our engagement and rewards platform and salaries and wages.

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