DeepspatialAI has taken steps to cancel 21.45 million common shares that were previously issued to Algo8 India Private Limited. The shares were initially issued as part of an acquisition agreement for technology that was never delivered to DeepspatialAI. As a result of this unresolved issue, Nandan Mishra, a principal of Algo8 India Private Limited, has resigned from the board of directors of DeepspatialAI.
Despite this setback, DeepspatialAI has made significant progress in securing contracts for its innovative solutions. Since December 2023, the company has announced contracts exceeding $1 million in value. During the period from January 1 to March 31, 2024, DeepspatialAI invoiced C$0.86 million for these contracts. This demonstrates the strong demand for the company’s AI platform and its ability to generate revenue from its operations.
