VERSES AI's Last Stand: $68,000 in Cash and a Suspended Listing Leave 90 Days to Survive

VERSES AI stock halted at Cboe Canada; company shuts down AI research, loses execs, and holds $68K cash against $2M liabilities. 90-day listing window looms.

The clock is ticking for VERSES AI. Its shares have been sidelined at the Cboe Canada exchange for more than a week while regulators assess whether the company still meets listing standards. The Canadian exchange has given it 90 days to prove its case — a window that now looks impossibly narrow given the state of the balance sheet.

The last traded price for the stock was roughly $0.265, pushing the market capitalisation down to $3.93 million. Over the past twelve months, shareholders have lost more than 98% of their investment. Technical indicators underscore the carnage: the relative strength index has sunk to 8, deep in oversold territory, while both short- and long-term moving averages continue to flash sell signals. Daily trading volume has evaporated to about 7,000 shares, worth roughly $3,400, amplifying every price move.

The trouble goes far beyond the trading halt. On 18 June, VERSES AI announced it was shutting down all artificial-intelligence research and development — effectively killing the Genius platform for agentic AI that had been the company's raison d'être since its rebranding in 2023. The board blamed insufficient capital, tough market conditions, and a commercialisation runway that had grown too long. A partnership with Prodigii AI has also been terminated.

The executive suite has been gutted. An SEC filing confirmed the immediate departures of president James Hendrickson and chief technology officer Hari Thiruvengada. They join founders Gabriel René and Dan Mapes, who stepped down as CEO and global brand ambassador respectively back in February, along with the chief operating officer and chief science officer. Interim CEO David Scott now leads the search for strategic alternatives — a search that has already yielded nothing. Scott revealed that the company spent four months trying to raise funds without success, and that merger talks and asset sales have all fallen through.

What remains of the finances is dire. VERSES AI holds approximately $68,000 in cash against nearly $2 million in liabilities. Revenue over the trailing twelve months came to just $155,000, paired with a gross margin of minus 307%. The net loss for the 2026 fiscal year hit roughly $43 million — an improvement from the previous year's $52 million hole, but hardly a comfort when the cash register is empty. The 52-week trading range in Canadian dollars ran from as high as $24.48 down to a low of $0.58.

On Monday, 29 June, the company will report its full-year results. That filing will offer the first audited look at exactly how much cash remains and what debts have piled up since operations were suspended. For now, the only path forward appears to be a sale, merger, or recapitalisation — and the board itself warns that none of these may materialise. Critics have also pointed to the lack of independent directors on the board as a governance red flag.

VERSES AI has stopped making AI and is burning through the last of its funds. With a 90-day listing reprieve and a cash pile that wouldn't cover a modest rent cheque, the question is not whether the company can recover, but whether anything recognisable will be left to save.