04:29 AM EDT, 10/16/2024 (MT Newswires) -- Versus Systems Inc. ( VS ) said Wednesday it has secured a $2.5 million funding and a technology licensing deal from Aspis Cyber Technologies.

Under a funding deal, the company received an initial $500 million 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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