VersaBank (VBNK) announced the internal transfer of certain assets, including intellectual property, and other resources, including personnel, related to its Digital Deposit Receipt technology, or DDR, to an existing, wholly owned subsidiary of DRT Cyber. The subsidiary, which will exclusively hold DDR assets and resources, has been renamed Digital Meteor, and is expected to enable VersaBank to generate additional shareholder value by capitalizing on its proprietary digital asset technology and intellectual property, alongside its anticipated growth from ramping up its Receivable Purchase Program in the U.S. The Transfer also supports the Bank’s planned divestiture of its Cyber Security businesses. There are no material financial implications associated with the Transfer.
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