FULL DISCLOSURE: Canacom Group is long the equity of VERSES AI.
Verses AI (CBOE: VERS) has improved its balance sheet while also securing a vote of confidence from one of its major shareholders. Group 42 Holdings has converted its outstanding debenture into units of the company.
Under the terms of the convertible debenture, the US$10 million debenture, held through Group 42 entity Expansion Project Technologies Holdings 9 SPV RSC Ltd, is to convert at a price of C$1.20 per conversion unit.
Current exchange rates suggest approximately 12.0 million units were issued in connection with the debt conversion.
Each unit is to contain one subordinate voting share and half of a common share purchase warrant, with warrants having an exercise price of C$1.96 per share. Warrants are valid for a period of three years from the date of issuance.
G42, a UAE-based artificial intelligence group, originally made the US$10 million investment into Verses back in June 2024.
Verses AI last traded at $1.13 on the CBOE.
FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive is long the equity of VERSES AI. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
