DeepSpatial Inc. Announces Major Share Cancellation and Board Resignation

DeepSpatial Inc., a Toronto-based AI firm, disclosed the cancellation of 21.45 million shares previously allocated to Algo8 India Private Ltd. The shares were originally issued for technology acquisition purposes, which Algo8 failed to deliver. Concurrent with the share cancellation, Nandan Mishra, a principal at Algo8, resigned from DeepSpatial's board of directors, effective immediately.

Despite these setbacks, DeepSpatial has experienced significant growth through its proprietary AI technologies across various sectors, including education and agriculture. Since December 2023, the company has secured contracts worth over $1 million, with $860,000 invoiced in the first quarter of 2024.