VersaBank (VBNK) - Dilution Analysis

Visualizing historical and potential share dilution over time

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Dilution Analysis

Medium Risk

Moderate dilution risk

Last updated: December 10, 2025

Risk Assessment Details

Potential Dilution: 0.0% of current shares

Recent Dilution: 23.0% (2 years)

Historical Dilution Factor: moderate recent dilution

Outstanding Shares

32M

Potential Supply

Additional shares possible

Splits

None

Past 2 years

Summary

VBNK currently has 31.9M outstanding shares. with minimal authorized share overhang for future dilution. The company has diluted shareholders by 23.0% over the past 2 years through share issuances.

Share Structure Timeline

Outstanding Shares

Total Supply

Historical Data Points

Date	Event	Outstanding
Dec 10, 2025	40-F filing \| 31.9M shares outstanding	32M
Dec 09, 2024	40-F filing \| 26.0M shares outstanding	26M
Nov 07, 2024	F-10 filing: VersaBank may from time to time offer and issue unsecured unsubordinated debt securities, unsecured subordinated debt securities, common shares, preferred shares, subscription receipts and warrants, or any combination thereof, up to an aggregate initial offering price not to exceed US$200,000,000.	26M
Dec 13, 2023	40-F filing \| 26.0M shares outstanding	26M
Dec 07, 2022	40-F filing \| 27.2M shares outstanding	27M
Jan 28, 2022	40-F filing \| 27.4M shares outstanding	27M

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