Venus Concept Announces $15 million Debt-to-Equity Exchange Transaction
27 Septiembre 2024 - 6:30AM
Venus Concept Inc. (“Venus Concept” or the
“Company”) (NASDAQ: VERO), a global medical aesthetic
technology leader, today announced that, on September 26, 2024, the
Company exchanged $15.0 million of its senior debt held by
affiliates of Madryn Asset Management, LP (“Madryn”) for 203,583
shares of its Series Y preferred stock. Following this transaction,
the Company had total debt obligations of approximately $34.6
million, down 25% from $46.0 million outstanding as of June 30,
2024 and down 54% from $74.9 million outstanding as of December 31,
2023.
“We continue to execute on our transformation
plan and today’s transaction brings us another step closer to
optimizing our capital structure and debt profile for the
business,” said Rajiv De Silva, Chief Executive Officer of Venus
Concept. “The support from Madryn has been critical in our journey
and we are grateful for their long-term support. This transaction
further strengthens the financial health of the Company and
advances our plan towards achieving sustained, long-term
profitability.”
“This latest exchange of debt into equity
reflects our continued support of Venus as a market leader in the
aesthetics industry,” said Avinash Amin, MD, Managing Partner at
Madryn Asset Management, LP. “We are encouraged with the Company’s
continued progress towards transforming the balance sheet and look
forward to the ongoing partnership with the Company to execute on
growth initiatives.”
Cautionary Statement Regarding
Forward-Looking Statements
This communication contains “forward-looking
statements” statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Any statements
contained herein that are not of historical facts may be deemed to
be forward-looking statements. In some cases, you can identify
these statements by words such as such as “anticipates,”
“believes,” “plans,” “expects,” “projects,” “future,” “intends,”
“may,” “should,” “could,” “estimates,” “predicts,” “potential,” and
other similar expressions that are predictions of or indicate
future events and future trends. These forward-looking statements
are based on current expectations, estimates, and projections about
our business and the industry in which we operate, as well as
management's beliefs and assumptions, and are not guarantees of
future performance or developments and involve known and unknown
risks, uncertainties, and other factors that are in some cases
beyond our control. As a result, any or all of our forward-looking
statements in this communication may turn out to be inaccurate.
Factors that could materially affect our business operations and
financial performance and condition include, but are not limited
to, those risks and uncertainties described under Part I Item
1A—“Risk Factors” in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2023 and under Part II Item 1A—“Risk
Factors” in our subsequently-filed Quarterly Reports on Form 10-Q.
Readers are urged to consider these factors carefully in evaluating
the forward-looking statements and are cautioned not to place undue
reliance on the forward-looking statements. The forward-looking
statements are based on information available to us as of the date
of this communication. Unless required by law, we do not intend to
publicly update or revise any forward-looking statements to reflect
new information or future events or otherwise.
About Venus Concept
Venus Concept is an innovative global medical
aesthetic technology leader with a broad product portfolio of
minimally invasive and non-invasive medical aesthetic and hair
restoration technologies and reaches over 60 countries and 12
direct markets. Venus Concept's product portfolio consists of
aesthetic device platforms, including Venus Versa, Venus Versa PRO,
Venus Legacy, Venus Velocity, Venus Viva, Venus Glow, Venus Bliss,
Venus Bliss MAX, Venus Epileve, Venus Viva MD and AI.ME. Venus
Concept's hair restoration systems include NeoGraft® and the ARTAS
iX® Robotic Hair Restoration system. Venus Concept has been backed
by leading healthcare industry growth equity investors including EW
Healthcare Partners (formerly Essex Woodlands), HealthQuest
Capital, Longitude Capital Management, Aperture Venture Partners,
Masters Special Situations, and Madryn Asset Management, L.P.
Investor Relations Contact:
ICR Westwicke on behalf of Venus Concept:
Mike Piccinino, CFA
VenusConceptIR@westwicke.com
Venus Concept (NASDAQ:VERO)
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