LOS ANGELES, Nov. 24, 2023 (GLOBE NEWSWIRE) -- Versus Systems Inc. (“Versus” or the “Company”) (Nasdaq: VS) announced today that the Company recently secured a strategic investment (the “Investment”) from Cronus Equity Capital Group, LLC (“CECG”).

The Investment contemplates the issuance of up to 24,727,361 common shares of Versus to CECG representing approximately 51% of the Company’s issued and outstanding common shares of which 15,838,441 common shares (the “First Tranche) were issued to CECG on November 22, 2023 and a further 8,888,920 common shares (the “Second Tranche”) are expected to be issued to CECG next week.

Per the terms of the agreement, CECG purchased the First Tranche at a price of $0.1618 per share, representing a premium to the five-day average Nasdaq Official Closing Price of $0.1578 per share, for a total USD $2,562,659.76. The Second Tranche will be completed at the same price per share.

There were no warrants in the transaction.

About Versus Systems

Versus Systems Inc. is an engagement and rewards company that makes live events, games, shows, and apps more fun to watch and play. Versus adds interactive games, polling, trivia, predictive elements, and other win conditions to existing entertainment - whether in-venue or online - making the content more contextual, personal, and rewarding. Versus works with world class sports teams, leagues, venues, entertainment companies, advertisers, and other content creators to make engaging, rewarding experiences for fans all over the world.  For more information, visit www.versussystems.com or the official Versus Systems YouTube channel.

About CECG
CECG is a company investing in technology based companies.

Early Warning Disclosure
CECG did not beneficially own any securities of the Company prior to this investment.

The Company has been advised by CECG that the shares were acquired by CECG for investment purposes and, that aside from its intention to complete the Second Tranche next week, going forward CECG will evaluate its investment in the Company from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease shareholdings as circumstances require through market transactions, private agreements, or otherwise.

A copy of CECG’s early warning report will appear with the Company’s documents on the System for Electronic Document Analysis and Retrieval.

CECG’s is a Delaware LLC.

Investor Contact:
Cody Slach and Jackie Keshner
Gateway Group, Inc.
949-574-3860
IR@versussystems.com
or
press@versussystems.com