Why Is Versus Systems Stock Rocketing Over 300% Premarket On Wednesday?

Versus Systems Inc. (NASDAQ:VS) shares are rocketing premarket on Wednesday. The company disclosed that it has entered into two major agreements with Aspis Cyber Technologies, Inc. (ASPIS).

ASPIS is affiliated with Cronus Equity Capital Group, LLC, which holds approximately 39.5% of the company’s outstanding common stock.

The first is a Business Funding Agreement, which includes an investment of $2.5 million from ASPIS in Versus Systems.

ASPIS has initially invested $500,000, with the remaining $2 million due by November 15, 2024. In return, Versus Systems issued an unsecured convertible promissory note for $2.5 million.

The Note can be converted into units, each consisting of one common share and a warrant for half a share ...