Versus Systems Inc. (VS) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: November 14, 2025

Risk Assessment Details

Potential Dilution: 33.77% of current shares
Recent Dilution: 95.6% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
4.9M
Potential Supply
1.7M
Additional shares possible
Splits
None
Past 2 years

Summary

VS currently has 4.9M outstanding shares. with moderate dilution risk from 1.66M authorized shares representing 33.8% potential dilution. The company has significantly diluted shareholders by 95.6% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Nov 14, 2025

10-Q filing | 4.9M shares outstanding

4.9M 1.7M
May 15, 2025

10-Q filing | 4.9M shares outstanding

4.9M 1.7M
Mar 31, 2025

10-K filing | 4.9M shares outstanding

4.9M 1.7M
Jan 08, 2025

8-K filing: Versus Systems, Inc. completed the sale and issuance of 2,155,172 shares of common stock and warrants to purchase an additional 1,077,586 shares upon the conversion of a $2.5 million promissory note, regaining compliance with Nasdaq's stockholders' equity requirement. ($2.5M proceeds)

2.5M 1.7M
Nov 15, 2024

POS AM filing: This POS AM filing from 2024-11-15 discusses the issuance of common stock through a registered direct offering and the exercise of warrants.

2.5M 1.7M
Nov 14, 2024

10-Q filing | 2.5M shares outstanding

2.5M 1.7M
Nov 12, 2024

POS AM filing: This POS AM filing describes the issuance of common shares through registered direct offerings, warrant exercises, and a private placement, as well as the potential grant of incentive stock options.

2.5M 1.7M
Nov 08, 2024

POS AM filing: This is a POS AM filing which discusses the issuance of shares for stock options, warrants, registered direct offerings, and a private placement.

2.5M 1.7M
Oct 22, 2024

8-K filing: Versus Systems Inc. issued 240,490 common shares upon the exercise of 2023 Common Warrants, resulting in proceeds of $885,003.20. ($0.89M proceeds)

2.5M 1.7M
Oct 15, 2024

8-K filing: Versus Systems Inc. entered into a Technology License and Software Development Agreement and a Business Funding Agreement with ASPIS Cyber Technologies, Inc., providing for a $2,500,000 investment in the Company. ($2.5M proceeds)

2.5M 1.7M
Aug 14, 2024

10-Q filing | 2.5M shares outstanding

2.5M 1.7M
May 15, 2024

10-Q filing | 2.5M shares outstanding

2.5M 1.7M
Apr 01, 2024

10-K filing | 2.5M shares outstanding

2.5M 1.7M
Dec 29, 2023
Stock Split

8-K filing: Stock split 1-to-16 | Outstanding: 4,172,171 → 2,506,015

2.5M 1.7M
May 09, 2023

F-1 filing: This is an F-1 filing indicating a shelf registration.

4.2M 26M
Mar 29, 2023

20-F filing | 4.2M shares outstanding

4.2M 26M
Oct 17, 2022

F-1 filing: This is an F-1 filing, which indicates a registration of securities for an offering. The inclusion of a check mark for delayed or continuous offering under Rule 415 suggests it is a shelf offering.

25M 26M
Aug 11, 2022

F-3 filing: This F-3 filing relates to the resale of common shares issuable upon the exercise of warrants held by a selling stockholder, acquired through a securities purchase agreement.

25M 26M
Apr 01, 2022

20-F filing | 15.6M shares outstanding

16M 20M
Mar 24, 2022

F-3 filing: Versus Systems Inc. may offer, issue and sell securities up to $25,000,000.

20M 20M
Feb 01, 2022

POS AM filing: POS AM filing with a price of $2.14 per unit.

16M 1.5M
Nov 30, 2021

F-1 filing: F-1 filing for registration of common shares with associated expenses.

11M 1.5M
May 28, 2021

POS AM filing: Versus Systems Inc. is offering 3,353,349 common shares issuable upon the exercise of outstanding warrants at an exercise price of $7.50 per share.

11M 1.5M
May 05, 2021

20-F filing | 10.7M shares outstanding

11M 1.5M
Feb 24, 2021

F-1 filing: This is an F-1 filing detailing a completed public offering of units, each containing one common share and warrants, alongside a private placement of warrants to the underwriter. It also mentions a reverse stock split.

N/A 1.5M
Nov 20, 2020

F-1 filing: This is an F-1 filing for a company offering units consisting of common shares and warrants, with an overallotment option for additional shares and/or warrants. The company intends to list its common shares and Unit A Warrants on the Nasdaq Capital Market.

N/A 0
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