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VS – Up over 340% in the pre-market after entering agreements with ASPIS Cyber Technologies for Nasdaq compliance plan and to strengthen compliance and technology offerings
LAC – Up over 19% in pre after announcing General Motors to contribute combined $625 Million in cash and letters of credit to new joint venture
BURU – Up over 40% in pre after announcing cancellation of special proxy statement
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VS – Up over 340% in the pre-market after entering agreements with ASPIS Cyber Technologies for Nasdaq compliance plan and to strengthen compliance and technology offerings
Versus Systems Inc. (VS) develops and operates a business-to-business software platform to drive user engagement through gamification and rewards in the United States and Canada.
In the after-hours yesterday, the company announced the execution of two significant agreements with Aspis Cyber Technologies, Inc. (“ASPIS”), a cloud-based mobile endpoint cybersecurity technology firm.
ASPIS is affiliated with Cronus Equity Capital Group, LLC, which holds approximately 39.5% of the Company’s outstanding common stock.
The first agreement, a Business Funding Agreement (the “Funding Agreement”), provides for ASPIS to invest $2.5 million in Versus Systems. Under the Funding Agreement, ASPIS has initially invested $500,000, and on or before November 15, 2024, ASPIS will invest the balance of $2,000,000. In exchange for the investment, the Company has issued ASPIS an unsecured convertible promissory note with a principal balance of $2,500,000.
The Note is convertible into units with each unit comprised of one common share and one warrant to purchase one half of one common share at an exercise price of $4.00 per share.
The conversion price for the Note will be at least $1.16 but will be determined by the greater of (1) the 5-day volume-weighted average price, including the date prior to the initial funding, and (2) $1.16.
The second agreement, a Technology Licensing and Software Development Agreement (the “License Agreement”), enables ASPIS to license Versus Systems’ gamification, engagement, and QR code technology for integration into its cybersecurity offerings.
Shares of VS traded up over 340% in the pre-market in reaction to the news.
The $3.93 area acted as support in the pre-market and will be an important level to watch.
Above it, targets to the upside are $5, $5.50, $6 and then the pre-market high at $6.50. Beyond that, $7.50 and $8.20 come into play.
Below $3.93, targets to the downside are $3.35, $3, $2.50, $2 and then a gap fill at $1.15.
LAC – Up over 19% in pre after announcing General Motors to contribute combined $625 Million in cash and letters of credit to new joint venture
Lithium Americas Corp. (LAC) engages in the exploration and development of lithium properties in the United States and Canada.
In the pre-markt this morning, the company announced that it and General Motors Holdings LLC (“GM”) have entered into a new investment agreement to establish a joint venture (“JV”) for the purpose of funding, developing, constructing and operating Thacker Pass in Humboldt County, Nevada. The JV Transaction will deliver $625 million of cash and letters of credit from GM to Thacker Pass alongside the conditional commitment for a $2.3 billion U.S. Department of Energy (“DOE”) loan announced earlier this year.
Under the terms of the Investment Agreement, GM will acquire a 38% asset-level ownership stake in Thacker Pass for $625 million in total cash and letters of credit, including $430 million of direct cash funding to the JV to support the construction of Phase 1 and a $195 million letter of credit facility that can be used as collateral to support reserve account requirements under the DOE Loan.
The JV Transaction replaces the $330 million Tranche 2 common equity investment commitment from GM under its original investment agreement with the Company (“Tranche 2”) announced in January 2023.
Shares of LAC traded up over 19% in the pre-market in reaction to the news.
The first target for bulls is the pre-market high at $3.34. Beyond that, $3.47, $3.83, $4, $4.20 and $4.40 come into play.
Below $3.34, targets to the downside are $3.10, $2.95, $2.90, $2.80 and then a gap fill at $2.67.
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BURU – Up over 40% in pre after announcing cancellation of special proxy statement
NUBURU Inc. (BURU) is a leading innovator in high-power and high-brightness industrial blue laser technology.
In the after-hours yesterday, the company announced that it has decided to cancel the Special Proxy Statement.
The Company has not received proxies that would constitute a quorum and has decided to cancel the Special Meeting and to withdraw from consideration by the Company’s stockholders the proposals set forth in the Proxy Statement. The Company has determined to include proposals in its annual meeting proxy statement anticipated to be filed no later than October 31, 2024.
The matters submitted to stockholders at the Special Meeting, and similar matters which will be submitted again at the annual meeting of stockholders, are necessary in order for the Company to raise critical working capital to support its business plans and to continue its path to achieving commercialization. The Company has worked to secure investors and required financing; however, it cannot move forward with such financing in full unless and until it receives stockholder approval.
Shares of BURU traded up over 40% in the pre-market in reaction to the news.
The first target for bulls is the pre-market high at $1.28. Beyond that, $1.48, $2 and $2.47 come into play.
Below $1.28, targets to the downside are $1.10, $1, $0.90 and then a gap fill at $0.73.
MARKET NEWS 📰
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