VERSES AI Hits Rock Bottom: Trading Halted, Cash Dwindles to $68,000 as AI Operations Shut Down
27.06.2026 - 16:13:03 | boerse-global.de
Cboe Canada pulled the plug on VERSES AI’s stock and warrants at the close of business on June 19, leaving shareholders locked out of a security that had already lost nearly all its value. The exchange now has 90 days to decide whether the company meets continued listing requirements, but the underlying business has all but evaporated. The last traded price of C$0.38 — a 43% rout from C$0.67 just one week earlier — sits barely above the 52-week low of C$0.37.
The suspension caps a dizzying collapse from the June 2025 high of $18.60 (US), when VERSES AI was still riding the generative-AI wave. At its nadir on April 1, 2026, the stock touched $0.51 (US). By the time trading was halted, the market capitalization had shrunk to roughly C$3.74 million. Cash on hand at the end of 2025 stood at just $68,000 (US), while total liabilities reached $15.49 million — including a $9.64 million litigation provision. Shareholder equity was negative by $13.20 million, and management had already issued a going-concern warning.
The strategy that killed the company
In January 2026, VERSES tried to right-size by cutting roughly half its workforce and asking executives to waive part of their salaries. The cost-saving measures proved insufficient. By February, founder and CEO Gabriel René stepped down, replaced on an interim basis by David Scott. That same month, brand ambassador Dan Mapes and CFO Kevin Wilson also exited, leaving three key posts vacant without replacements lined up.
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Then came the final reversal. In mid-June, the board voted to halt all AI-related activities — research, development, and ongoing spending — citing a lack of capital, tough market conditions, and a commercialization timeline that had grown too long. The company will now focus solely on “strategic alternatives,” which in practice means hunting for a buyer, a merger partner, or a lifeline that may never come.
Leadership ruptures and unpaid wages
The departure of President and COO James Hendrickson on June 15 added a layer of corporate governance turmoil. In a Form 8-K filed with regulators on June 22, Hendrickson cited disputes with the board over unpaid W-2 employee wages — including his own. The resignation letter made clear the breakdown was not amicable.
The Prodigii deal that wasn’t
In April 2026, VERSES had announced a ten-year licensing agreement with Prodigii AI covering its Genius product and AXIOM enterprise model, with guaranteed minimum payments of $5.35 million over the initial term. A separate consulting relationship with a large global investment house, begun in early 2025, had been extended multiple times. Both deals have now been terminated. The company gave no further details, but the sudden reversal underscores the depth of the cash crisis.
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What’s left
VERSES had tried to raise capital in March 2026 by issuing units at C$0.75 each, grossing about C$746,000 and retiring C$132,000 in liabilities. Each unit included half a warrant exercisable at C$1.00 within 24 months. That financing is now a distant memory. The company’s only remaining asset of note is its intellectual property, but with AI operations shut down, even that carries uncertain value.
The next two months will determine whether VERSES can offer the exchange a credible plan or whether the stock is delisted for good. The company itself warns that there is no guarantee its strategic review will produce any transaction that ensures survival. For now, the last known price of C$0.38 exists only on paper — and the business behind it is effectively in hospice.
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