Versus Systems Inc. (NASDAQ:VS), a company specializing in computer processing and data preparation services, has announced the appointment of Geoff Deller as its new Chief Financial Officer (CFO), effective as of Wednesday, July 18, 2024. The announcement was made in a recent 8-K filing with the U.S. Securities and Exchange Commission.
Prior to joining Versus Systems, Deller served as the President and Chief Investment Officer of Orinoco Capital LLC. His extensive experience also includes roles as interim Chief Operating Officer of Stardom Chance Productions & Companies and CFO and Co-COO of a consumer products company in the oral healthcare industry.
Deller, 43, brings a wealth of financial and operational expertise to Versus Systems. In his role as CFO, he will also serve as the principal financial officer and principal accounting officer, overseeing the company's financial operations and reporting. According to the filing, Deller's engagement with Versus Systems will begin on a consultancy basis, with a base salary set at $8,000 per month, subject to future adjustments.
The appointment comes as part of the company's strategic efforts to strengthen its executive team and support its growth initiatives. Versus Systems has clarified that Deller has no familial relationships with any current executive officer or director of the company, and there have been no transactions involving Deller that would require disclosure under SEC regulations.
The company's filing included the full terms of Deller's offer letter, which has been incorporated by reference and is attached as an exhibit to the 8-K filing. This move is part of Versus Systems' ongoing commitment to corporate governance and transparency in its operations.
Investors and stakeholders of Versus Systems can refer to the 8-K filing for detailed information regarding the new CFO's background and the terms of his appointment. The company's shares are traded on The Nasdaq Capital Market under the ticker symbol VS, with its warrants trading as VSSYW.
In other recent news, Versus Systems has seen significant changes and challenges. H.C. Wainwright recently adjusted its price target for Versus Systems' shares, increasing it to $2.00, following a major business restructuring. This restructuring resulted in the immediate resignation of several key figures, including CEO Matthew Pierce, CFO Craig Finster, and three board members. Curtis Wolfe has been named as the interim CEO.
Versus Systems' first-quarter 2024 revenue was reported at $26,530, a stark decline from the previous year's $158,000. The number of customers served also saw a reduction from 16 to just 5. Despite these financial challenges, H.C. Wainwright acknowledges the inherent value in Versus Systems' technology and market opportunities but remains cautious.
In a separate development, H.C. Wainwright adjusted its price target for Versus Systems' shares once again, this time lowering it to $1.50. This revision reflects the financial difficulties faced by the company, which include a dwindling cash position and a decrease in customer accounts. These are among the recent developments impacting Versus Systems.
InvestingPro Insights
With the recent appointment of Geoff Deller as CFO, investors in Versus Systems Inc. may be looking to understand the company's financial health and future prospects. According to InvestingPro data, the company's market capitalization stands at a modest $3.86 million.
This is particularly noteworthy as it trades at a low Price/Book multiple of 0.36, suggesting that the company's stock might be undervalued relative to its book value. However, the financial outlook is not without its challenges; the company has experienced a significant revenue decline of 85.18% in the last twelve months as of Q1 2024.
InvestingPro Tips highlight that analysts do not anticipate Versus Systems will be profitable this year, which aligns with the substantial operating income margin loss reported. Moreover, the company's stock price has been quite volatile, with a 76.2% decline in the 1-year price total return as of mid-2024.
For potential investors seeking more comprehensive analysis, InvestingPro offers additional tips for Versus Systems, which can be accessed at https://www.investing.com/pro/VS. Moreover, interested parties can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking further insights into the company's performance and industry position.
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