Venus Concept Granted Continued Listing from Nasdaq Hearings Panel, Subject to Return to Compliance with Nasdaq Listing Rules
25 Mars 2024 - 12:30PM
Venus Concept Inc. (“Venus Concept” or the
“Company”) (NASDAQ: VERO) announced today that it received a
decision from the Nasdaq Hearings Panel (the “Nasdaq
Panel”) granting its request for continued listing on the Nasdaq
Capital Market, subject to the Company demonstrating compliance
with Nasdaq Listing Rule 5550(b)(1) or any of the alternative
requirements under Nasdaq Listing Rule 5550(b) on or
before May 28, 2024, and certain other conditions (the “Panel
Decision”).
On May 31, 2023, Nasdaq Listing Qualifications
staff (“Nasdaq Staff”) issued the Company a deficiency notice
citing that the stockholders’ equity as reported in the Company’s
Quarterly Report on Form 10-Q for the period ended March 31, 2023,
was below the minimum $2,500,000 required for continued listing
under Nasdaq Listing Rule 5550(b)(1) (“Minimum Equity
Requirement”). On July 17, 2023, the Company submitted to the
Nasdaq Staff a plan to regain compliance with the Minimum Equity
Requirement (the "Plan"). On July 28, 2023, the Nasdaq Staff
granted an extension until November 27, 2023 to evidence compliance
with the Minimum Equity Requirement, conditioned upon the Company’s
achievement of certain milestones as set forth in the Plan. On
November 28, 2023, the Company received a written notice from the
Nasdaq Staff which described its determination that the Company had
not regained compliance with the Minimum Equity Requirement within
the Plan period. On December 5, 2023, the Company requested a
hearing, which was held on March 5, 2024 (the “Hearing”), staying
any delisting pending the issuance of the Panel’s decision. At the
Hearing, the Company presented a comprehensive compliance plan to
regain compliance to the Nasdaq Panel and received the Panel
Decision regarding the Nasdaq Listing Rules on March 20, 2024.
“We are grateful for the opportunity from Nasdaq
to continue to implement our turnaround plan, " said Rajiv De
Silva, Chief Executive Officer of Venus Concept. “We look forward
to regaining and maintaining compliance with Nasdaq’s continued
listing requirements and executing on our plan to grow the business
and achieve cash flow
breakeven.” Venus
Concept continues to explore strategic alternatives to maximize
shareholder value as part of the process announced on January 24,
2024. This includes engaging in dialogue with the Company’s
existing lenders and investors to find ways to best enable Venus
Concept to achieve our operational and strategic objectives.
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 reach in over 60 countries and 12
direct markets. Venus Concept's product portfolio consists of
aesthetic device platforms, including Venus Versa, Venus Legacy,
Venus Velocity, Venus Fiore, Venus Viva, Venus Glow, Venus Bliss,
Venus BlissMAX, 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,
and Masters Special Situations.
Forward Looking
Statements
This communication includes “forward-looking
statements” within the meaning of the safe harbor provisions of the
United States Private Securities Litigation Reform Act of 1995.
Certain of these forward-looking statements can be identified by
the use of words such as “believes,” “expects,” “intends,” “plans,”
“estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other
similar expressions. Such statements may include, but are not
limited to, the Company regaining compliance with
Nasdaq Listing Rule 5550(b) in the future, or otherwise
meeting Nasdaq’s continued listing requirements, Nasdaq granting
the Company any relief from delisting as necessary, the Company
meeting applicable Nasdaq requirements for any such relief,
the exploration of strategic alternatives and the efficacy of any
such alternatives and ongoing dialogue with existing
securityholders of the Company. The forward-looking statements
contained in this communication speak only as of the date of this
communication and the Company undertakes no obligation to publicly
update any forward-looking statements to reflect changes in
information, events, or circumstances after the date of this
report, unless required by law.
Investor Relations Contact:ICR Westwicke on
behalf of Venus Concept:Mike Piccinino,
CFAVenusConceptIR@westwicke.com
Investor Relations Contact:
ICR Westwicke on behalf of Venus Concept:
Mike Piccinino, CFA
VenusConceptIR@westwicke.com
Venus Concept (NASDAQ:VERO)
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