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

Core Insights - VERSES AI Inc. has arranged a private placement to strengthen its balance sheet and focus on high-growth priorities [1][2] - The company will receive CAD$14,000,000 in exchange for 2,333,334 Units at a price of CAD$6.00 per Unit, with each Unit consisting of one common share and one half of a common share purchase warrant [2] - A workforce reduction program has been initiated to enhance liquidity, streamline operations, and reduce costs [4][5] Financial Details - The private placement involves a notional amount of CAD$14,000,000, with each warrant exercisable at CAD$7.00 [2] - The financing and workforce reduction are expected to significantly reduce the company's cost structure and extend its cash runway [5] Operational Initiatives - The workforce reduction program includes targeted layoffs, furloughs, and executive salary deferrals aimed at aligning expenses with revenue growth objectives [4] - These actions are intended to position the company for accelerated profitability and long-term value creation [5] Company Overview - VERSES is a cognitive computing company focused on developing next-generation agentic software systems, with its flagship product being Genius™, an enterprise intelligence platform [7]