Venus Concept Inc., a leading global provider of medical aesthetic technology (NASDAQ: VERO), revealed today its firm agreements for a registered direct offering and a simultaneous private placement in Toronto. The company plans to sell 817,748 common stock shares at $1.465 each. Additionally, Venus Concept will issue warrants allowing the purchase of an equivalent number of shares at an exercise price of $1.34 per share. These warrants will be immediately exercisable and valid for five years from the date of issuance.
The transaction is set to conclude around February 27, 2024, contingent on standard closing conditions. H.C. Wainwright & Co. The company expects gross proceeds of approximately $1.2 million, before accounting for placement agent fees and other offering expenses.
The funds raised will be allocated for general corporate purposes. The common stock offering adheres to an effective shelf registration statement filed with the Securities and Exchange Commission (SEC) on October 25, 2021. A final prospectus supplement and accompanying prospectus will be submitted to the SEC.
Unregistered warrants and the associated common stock shares fall under a private placement, following specific securities regulations. They have not been registered under the Securities Act or any state securities laws, limiting their sale in the United States without proper registration or exemption.
Venus Concept's diverse portfolio encompasses medical aesthetic devices and hair restoration systems. Operating in over 60 countries with direct markets in 12 regions, the company is supported by prominent healthcare industry growth equity investors.
Caution is advised for investors due to forward-looking statements in this announcement, which involve inherent risks and uncertainties regarding the company's financial condition and the offering's completion. Investors are reminded that such statements do not guarantee future performance, and actual results may differ. This information is derived from a press release by Venus Concept Inc.