L1 Capital Exits Versus Systems Stake as of Dec 31, 2023
Ticker: VS · Form: SC 13G/A · Filed: Feb 9, 2024 · CIK: 1701963
Complexity: simple
Sentiment: bearish
Topics: institutional-ownership, insider-sell, divestment
TL;DR
**L1 Capital dumped all its Versus Systems shares, signaling a bearish outlook.**
AI Summary
L1 Capital Global Opportunities Master Fund, Ltd. filed an amended SC 13G/A on February 9, 2024, indicating a significant change in their holdings of Versus Systems Inc. common stock. As of December 31, 2023, L1 Capital reported having 0 sole voting power, 0 shared voting power, 0 sole dispositive power, and 0 shared dispositive power over Versus Systems Inc. shares. This means L1 Capital no longer beneficially owns any shares of Versus Systems Inc., which could signal a lack of confidence in the company's future prospects and might concern current or potential investors.
Why It Matters
This filing shows a major institutional investor, L1 Capital, has completely sold off its stake in Versus Systems Inc., which could be interpreted negatively by the market and potentially lead to a decline in the stock price.
Risk Assessment
Risk Level: high — The complete divestment by an institutional investor like L1 Capital suggests a lack of confidence, posing a high risk for current and prospective shareholders.
Analyst Insight
A smart investor would carefully consider the implications of a major institutional investor completely divesting its stake, potentially indicating a lack of confidence in Versus Systems Inc.'s future, and might choose to reduce or avoid positions in the stock.
Key Numbers
- 0 — Sole Voting Power (L1 Capital's sole voting power over Versus Systems Inc. shares as of December 31, 2023)
- 0 — Shared Voting Power (L1 Capital's shared voting power over Versus Systems Inc. shares as of December 31, 2023)
- 0 — Sole Dispositive Power (L1 Capital's sole dispositive power over Versus Systems Inc. shares as of December 31, 2023)
- 0 — Shared Dispositive Power (L1 Capital's shared dispositive power over Versus Systems Inc. shares as of December 31, 2023)
Key Players & Entities
- L1 Capital Global Opportunities Master Fund, Ltd. (company) — the reporting person who filed the SC 13G/A
- Versus Systems Inc. (company) — the subject company whose securities are being reported
- Cayman Islands (company) — place of organization for L1 Capital Global Opportunities Master Fund, Ltd.
- December 31, 2023 (date) — the date of the event which requires the filing of this statement
Forward-Looking Statements
- Versus Systems Inc.'s stock price may experience downward pressure due to the institutional sell-off. (Versus Systems Inc.) — medium confidence, target: Q1 2024
- Other institutional investors might re-evaluate their positions in Versus Systems Inc. following L1 Capital's exit. (institutional investors) — low confidence, target: Q2 2024
FAQ
What is the purpose of this SC 13G/A filing by L1 Capital Global Opportunities Master Fund, Ltd.?
This SC 13G/A is an amendment (Amendment No. 1) to a previous Schedule 13G filing, indicating a change in L1 Capital's beneficial ownership of Versus Systems Inc. common stock, specifically reflecting a complete divestment as of December 31, 2023.
What was the date of the event that triggered this filing?
The date of the event which required the filing of this statement was December 31, 2023, as stated in the filing.
How many shares of Versus Systems Inc. does L1 Capital Global Opportunities Master Fund, Ltd. beneficially own as of the filing date?
As of December 31, 2023, L1 Capital Global Opportunities Master Fund, Ltd. beneficially owns 0 shares of Versus Systems Inc., as indicated by the '0' reported for sole voting, shared voting, sole dispositive, and shared dispositive power.
Under which rule was this Schedule 13G/A filed?
This Schedule 13G/A was filed under Rule 13d-1(c), as indicated by the checked box in the filing.
What is the CUSIP number for Versus Systems Inc. common stock?
The CUSIP number for Versus Systems Inc. common stock, no par value, is 92535P881, as specified in the filing.
Filing Stats: 730 words · 3 min read · ~2 pages · Grade level 10.1 · Accepted 2024-02-09 16:04:05
Filing Documents
- l1cap_13ga.htm (SC 13G/A) — 28KB
- 0001079973-24-000206.txt ( ) — 30KB
Ownership
Item 4. Ownership. (a)–(c) The information required by Items 4(a)-(c) is set forth in Rows (5)-(9) and Row (11) of the cover page and is incorporated herein by reference. The percentage set forth on Row (11) of the cover page for the reporting person is based on 14,714,171 shares of common stock outstanding upon closing of an offering as reported in the Issuer’s prospectus filed with the SEC on October 16, 2023, pursuant to Rule 424(b)(4), and Current Report on Form 6-K filed with the SEC on October 17, 2023. Item 5. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following Item 6. Not applicable. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. Not applicable. Item 8. Identification and Classification of Members of the Group. Not applicable. Item 9. Notice of Dissolution of Group. Not applicable. Item 10. Certifications. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. CUSIP No. 92535P881 13G/A Page 5 of 5 Pages
SIGNATURES
SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct. By: L1 Capital Global Opportunities Master Fund, Ltd. February 9, 2024 By: /s/ David Feldman David Feldman, Director