VERSES AI Inc. Announces 2024 AGSM Results

Rhea-AI Summary

VERSES AI Inc. (CBOE Canada: VERS) (OTCQX: VRSSF) held its Annual General and Special Meeting on September 13, 2024, in Vancouver. Shareholders approved all resolutions, including:

1. Fixing the board at four directors
2. Electing all director nominees
3. Re-appointing Smythe LLP as auditor
4. Renewing the omnibus share incentive plan
5. Altering the company's Articles

The board reappointed Michael Blum, resulting in a five-member board. Shareholders also authorized changes to share classes, including deleting special rights for Class A and B shares and re-designating Class A as 'Common Shares'. The board approved changing shareholder meeting quorum requirements to 33 1/3 percent of issued voting shares.

Positive

• All proposed resolutions were approved by shareholders
• Board of directors expanded to five members, potentially improving governance
• Simplification of share structure by re-designating Class A shares as Common Shares

Negative

• Deletion of special rights attached to Class A and B shares may affect certain shareholder privileges
• Increased quorum requirement to 33 1/3 percent might make it more challenging to conduct shareholder meetings

News Market Reaction – VRSSF

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Data tracked by StockTitan Argus on the day of publication.

VANCOUVER, British Columbia, Sept. 13, 2024 (GLOBE NEWSWIRE) -- VERSES AI Inc. (the "Company" or "VERSES") (CBOE Canada: VERS) (OTCQX: VRSSF) is pleased to announce the results of the Annual General and Special Meeting of shareholders of the Company held in Vancouver, British Columbia on September 13, 2024. All of the resolutions put forward at the meeting were approved, including fixing the number of directors of the Company at four for the ensuing year, the election of all director nominees, the re-appointment of Smythe LLP as the Company’s auditor for the ensuing year and the renewal of the Company’s omnibus share incentive plan. Subsequent to the meeting, the Company’s board of directors reappointed Michael Blum to the board by directors’ resolution. Therefore, the board for the following year consists of Gabriel Rene, Dan Mapes, G. Scott Paterson, Jonathan De Vos and Michael Blum.

Alteration to the Articles of the Company

By special resolution, the shareholders also authorized an alteration to the Articles of the Company to: (i) delete the special rights and restrictions attached to the Class A Subordinate Voting Shares and Class B Proportionate Voting Shares of the Company; (ii) re-designate the Class A Subordinate Voting Shares as “Common Shares” of the Company; and (iii) delete and remove references from the Notice of Articles and Articles of the Class B Proportionate Voting Shares.

The Company’s board of directors also approved by directors’ resolution: (i) an amendment to the Articles of the Company to change the quorum for the transaction of business at a meeting of shareholders from one or more persons(s) who are present or represented by proxy to one or more persons(s) who are present or represent by proxy holding in the aggregate, at least 33 1/3 percent of the issued shares entitled to be voted at the meeting; and (ii) the deletion of the Class B Proportionate Voting Shares.

Additional details will be provided in a Report of Voting Results to be filed on SEDAR+.

About VERSES AI Inc.

VERSES AI is a cognitive computing company specializing in biologically inspired distributed intelligence. Our flagship offering, Genius™, is patterned after natural systems and neuroscience.  Genius™ can learn, adapt and interact with the world.  Key features of Genius™ include generalizability, predictive queries, real-time adaptation and an automated computing network. Built on open standards, Genius™ transforms disparate data into knowledge models that foster trustworthy collaboration between humans, machines and AI, across digital and physical domains. Imagine a smarter world that elevates human potential through innovations inspired by nature. Learn more at VERSES, LinkedIn and X. 

On behalf of the Company 
Gabriel René, Founder & CEO, VERSES AI Inc. 
Press Inquiries: press@verses.ai 

Investor Relations Inquiries 
U.S., Matthew Selinger, Partner, Integrous Communications, mselinger@integcom.us 415-572-8152
Canada, Leo Karabelas, President, Focus Communications, info@fcir.ca 416-543-3120

FAQ

What were the key outcomes of VERSES AI's 2024 Annual General and Special Meeting?

The key outcomes included approval of all resolutions, election of directors, re-appointment of auditors, renewal of the share incentive plan, and authorization to alter the company's Articles, including changes to share classes and meeting quorum requirements.

How did the composition of VERSES AI's board of directors change after the 2024 AGSM?

The board was initially set at four directors, but Michael Blum was reappointed after the meeting, resulting in a five-member board consisting of Gabriel Rene, Dan Mapes, G. Scott Paterson, Jonathan De Vos, and Michael Blum.

What changes were made to VERSES AI's (VRSSF) share structure in the 2024 AGSM?

Shareholders authorized the deletion of special rights for Class A and B shares, re-designation of Class A Subordinate Voting Shares as 'Common Shares', and removal of references to Class B Proportionate Voting Shares from the company's Articles.

How did the quorum requirements for VERSES AI shareholder meetings change after the 2024 AGSM?

The board approved changing the quorum requirement for shareholder meetings from one or more persons to one or more persons holding at least 33 1/3 percent of the issued voting shares, either present or represented by proxy.