Venus Concept Inc. Announces Pricing of $22.5 Million Public Offering
December 22 2020 - 8:55AM
Venus Concept Inc. (“Venus Concept” or the “Company”) (Nasdaq:
VERO), a global medical aesthetic technology leader, today
announced the pricing of its public offering of 11,250,000 shares
of its common stock and warrants to purchase 5,625,000 shares of
common stock at a combined offering price to the public of $2.00
per share and accompanying warrant. The warrants have an exercise
price of $2.50 per share of common stock, are exercisable
immediately, and expire five years from the date of issuance. Venus
Concept intends to use the gross proceeds of approximately $22.5
million, before deducting underwriting discounts and commissions
and estimated offering expenses, from the offering for general
corporate purposes, including the funding of research and
development activities.
Oppenheimer & Co. Inc. is acting as sole
book-running manager and Ladenburg Thalmann & Co. Inc. is
acting as lead manager of the proposed offering.
The offering will be made only by means of a
written prospectus and related prospectus supplement forming part
of a shelf registration statement on Form S-3 (No. 333-228562) that
was initially filed with the U.S. Securities and Exchange
Commission (the "SEC") on November 27, 2018 and declared effective
on December 10, 2018. A preliminary prospectus supplement and
accompanying prospectus relating to and describing the terms of the
proposed offering has been filed with the SEC and is available on
the SEC’s website located at www.sec.gov. Before you invest, you
should read the prospectus and prospectus supplement for more
complete information about Venus Concept and the offering. Copies
of the preliminary prospectus supplement and the accompanying
prospectus relating to the offering may be obtained from
Oppenheimer & Co. Inc., Attention: Syndicate Prospectus
Department, 85 Broad Street, 26th Floor, New York, New York 10004,
by telephone at (212) 667-8055, or by email at
EquityProspectus@opco.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of the common stock in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
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 21
direct markets. Venus Concept focuses its product sales
strategy on a subscription-based business model in North
America and in its well-established direct global markets.
Venus Concept’s product portfolio consists of aesthetic device
platforms, including Venus Versa, Venus Legacy, Venus
Velocity, Venus Fiore, Venus Viva, Venus Freeze
Plus, Venus Heal, Venus Glow, Venus Bliss, Venus
Epileve and Venus Viva MD. Venus Concept’s hair restoration systems
includes NeoGraft®, an automated hair restoration system that
facilitates the harvesting of follicles during a FUE process and
the ARTAS® and ARTAS iX® Robotic Hair Restoration
systems, which harvest follicular units directly from the scalp and
create recipient implant sites using proprietary
algorithms. Venus Concept has been backed by leading
healthcare industry growth equity investors including EW
Healthcare Partners (formerly Essex
Woodlands), HealthQuest Capital, Longitude Capital
Management, and Aperture Venture Partners.
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains “forward-looking”
statements within the meaning of Section 27A of the Securities
Act of 1933, as amended (the “1933 Act”) and Section 21E of
the Securities Exchange Act of 1934, as amended (the “1934 Act”),
including, without limitation, statements about the Company’s
financial condition, and other statements containing the words
“expect,” “intend,” “may,” “will,” and similar expressions,
constitute forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current expectations,
estimates, forecasts, and projections about the Company’s business
and the industry in which it operates and 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 the Company’s
control. Factors that could materially affect the Company’s
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 the Company’s most
recent Annual Report on Form 10-K, Part II
Item 1A—“Risk Factors” in the Company’s most
recent Form 10-Q and in other documents the Company may
file with the SEC. You 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 the Company as of the date hereof. Unless
required by law, the Company does not intend to publicly update or
revise any forward-looking statements to reflect new information or
future events or otherwise.
Investor Relations Contact:
Westwicke Partners on behalf of Venus Concept
Mike Piccinino, CFA
VenusConceptIR@westwicke.com
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