05:28 AM EDT, 10/16/2024 (MT Newswires) -- (Corrects initial funding amount in the second paragraph.)

Versus Systems ( VS ) said Wednesday it has entered a $2.5 million funding agreement and a technology licensing deal with Aspis Cyber Technologies.

Under the funding deal, Versus received an initial $500,000 and will receive the remaining $2 million tranche on or before Nov. 15 in exchange for a $2.5 million convertible promissory note.

The promissory note will be convertible into units, with each unit comprising of one common share and one warrant to purchase one-half common share at a price $4 per share.

Under a separate technology licensing deal, the company out-licenses its gamification, engagement, and QR code technology to Aspis for use in various sectors for a monthly fee of $165,000 starting in January 2025.

The company said that deals form part of its plan to regain compliance with Nasdaq's $2.5 million minimum shareholders' equity requirement for continued listing.

The company has until Feb. 18, 2025, to regain compliance before being subject to delisting proceedings, it said.

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