Venus Concept (VERO) has issued an update.
On May 24, 2024, Venus Concept Inc. and its subsidiary, Venus Concept USA, Inc., struck a deal with Madryn Health Partners, LP, and its affiliate to swap $35 million of existing loan debt for newly issued convertible notes and shares of preferred stock. The transaction, which introduces “Series Y Convertible Preferred Stock” priced at $60.66 per share, aims to smooth out financial obligations while setting the stage for a shareholder meeting to address stock convertibility under Nasdaq rules. The preferred stock comes with rights and restrictions, including conversion terms, liquidation preferences, and voting limitations, outlined in a detailed Certificate of Designations filed with the state of Delaware.
For a thorough assessment of VERO stock, go to TipRanks’ Stock Analysis page.
