VERSES AI INC Stock Price, News & Analysis

VERSES, a cognitive computing company, has promoted James Hendrickson to Chief Operating Officer (COO). Previously serving as President and General Manager of VERSES Enterprise, Hendrickson has demonstrated outstanding leadership and has been pivotal in advancing the company. CEO Gabriel René highlighted Hendrickson's significant contributions and his capability to lead as the company enters its operational phase and prepares for the commercial and public launch of their Genius™ platform. Hendrickson brings over 20 years of experience in enterprise technology, edge computing, and advanced automation, having held notable roles at Berkshire Grey and Honeywell.

VERSES AI announced a corporate update webinar set for July 3, 2024, at 1:00 PM ET. CEO Gabriel René will discuss key topics, including the AI industry's current state, a recent strategic investment from G42, and the launch and rollout of the Genius Platform. Additional updates will cover AI benchmarks and the status of the Spatial Web Protocol, architecture, and governance standards. Interested parties can register for the webinar online.

On June 20, 2024, VERSES AI, a cognitive computing company, announced a strategic funding agreement with G42, a UAE-based AI technology leader. G42 has invested US$10 million in VERSES through a private placement of unsecured convertible debenture units. Each unit includes C$1,000 in principal amount of convertible debentures and 500 share purchase warrants. The debentures bear a 10% annual interest, maturing on June 20, 2026.

The debentures can be converted into shares at various trigger events, including equity financing or at G42's discretion. Warrants are exercisable at C$1.50 per share until June 20, 2027, with possible acceleration. Additionally, G42 will receive 1,000,000 restricted stock units, vesting based on revenue milestones. Post-investment, G42 could control approximately 11.43% of VERSES' Class A shares. G42 acquired the securities for investment purposes, with no immediate plans to alter control or management of VERSES.

On May 21, 2024, VERSES AI announced the public beta preview of its new platform, Genius™, a next-generation intelligent software system.

A webinar scheduled for June 20 will feature CEO Gabriel René, Chief Product Officer Hari Thiruvengada, and President James Hendrickson, who will demonstrate Genius and discuss future rollout plans.

The company aims to empower developers to create advanced AI systems, citing collaborations with major players like JPL and Volvo. The beta program will start on June 20, with developers encouraged to provide feedback.

Registration for the webinar and beta access is open.

On May 17, 2024, VERSES AI announced the closing of the final tranche of its non-brokered private placement, raising C$10 million through the sale of 10 million special warrants at C$1.00 each. The proceeds will be used for corporate and working capital purposes, development of Genius™, and repayment of outstanding loans. Each special warrant converts into one unit, comprising one Class A Subordinate Voting share and one-half of a share purchase warrant, exercisable at C$1.50 for two years. Fees paid to finders included C$317,286 and 316,536 finder warrants. The securities are subject to a four-month hold period and are not registered under U.S. securities laws.

VERSES AI Inc. promotes Hari Thiruvengada PhD to Chief Product Officer as they shift focus from a technology startup to a product-driven scaleup. Dr. Thiruvengada, with extensive experience in product management, will lead the launch of Genius™, VERSES' Intelligence as a Service platform. The Company aims to mature research into commercial software under his leadership.

VERSES AI Inc. has closed the second tranche of its private placement, raising $9.3M through the sale of special warrants. Each special warrant converts into a unit, consisting of shares and warrants. The net proceeds will be used for corporate purposes, product development, and loan repayment. The company also paid fees to finders and insiders participated in the placement. The securities were offered in both USD and CAD denominations.