Venus Concept’s hair restoration systems include NeoGraft® and the ARTAS iX® Robotic Hair Restoration system. 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 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 14 direct markets. Similarly, registered stockholders holding pre-split shares of the Company's common stock electronically in book-entry form are also not required to take further action in connection with the Reverse Stock Split.Īdditional information about the Reverse Stock Split can be found in the Company’s definitive proxy statement filed with the Securities and Exchange Commission (the “SEC”) on April 10, 2023, which is available free of charge at the SEC’s website, and on the Company’s website at ir. Stockholders owning pre-split shares via a bank, broker or other nominee will have their positions automatically adjusted to reflect the Reverse Stock Split and will not be required to take further action in connection with the Reverse Stock Split, subject to brokers’ particular processes. has been appointed by the Company to act as its exchange agent for the reverse stock split. Cash will not be paid for fractional shares.Ĭomputershare Inc. Stockholders who would otherwise be entitled to receive fractional shares as a result of the Reverse Stock Split will automatically be entitled to receive an additional fraction of a share of common stock to round up to the next whole share. No fractional shares will be issued in connection with the Reverse Stock Split. The Reverse Stock Split will not affect the number of authorized shares of common stock or the par value of the common stock nor will it change the authorized shares of Preferred Stock or the relative voting power of such holders of our outstanding common stock and Preferred Stock. The common stock issued pursuant to the Reverse Stock Split will remain fully paid and non-assessable. The conversion ratio of our preferred stock, which are convertible into shares of common stock on a one for ten basis, will also be proportionately adjusted with respect to shares of preferred stock issued and outstanding before the Reverse Stock Split. Proportionate adjustments will be made to the per share exercise price and the number of shares issuable upon the exercise or conversion of outstanding warrants, and convertible or exchangeable securities, as well as to the number of shares issued and issuable under the Company’s equity incentive plans. The Reverse Stock Split will not modify any rights or preferences of the shares of the Company’s common stock. The Company’s common stock will continue to trade under the symbol “VERO.”Īs a result of the Reverse Stock Split, every 15 shares of the Company’s common stock issued and outstanding will be automatically reclassified into one new share of common stock. In connection with the Reverse Stock Split, the Company’s CUSIP number has changed to 92332W204 as of 5:00 p.m. The principal purpose of the Reverse Stock Split is to increase the bid price of our common stock to regain compliance with the continued listing requirements of the Nasdaq Capital Market. The Company’s stockholders previously approved the Reverse Stock Split at the annual and special meeting of stockholders held on at a ratio ranging from 1-for-5 up to a ratio of 1-for-15, such ratio and the implementation and timing of such Reverse Stock Split to be determined by the Company’s Board of Directors at its discretion. The Company’s common stock is expected to begin trading on The Nasdaq Capital Market on a split-adjusted basis at the open of trading on May 12, 2023. The Reverse Stock Split will be effective at 5:00 p.m. (“Venus Concept” or the “Company”) (NASDAQ: VERO), a global medical aesthetic technology leader, today announced that its Board of Directors approved a 1-for-15 reverse stock split of the Company’s issued and outstanding common stock (the “Reverse Stock Split”). TORONTO, (GLOBE NEWSWIRE) - Venus Concept Inc.
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