Venus Concept announces $3.45M registered direct offering

Venus Concept (VERO) announced that it has entered into definitive agreements for the purchase and sale of 434,720 shares of common stock at a purchase price of $2.65 per share in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, the company will issue unregistered short-term warrants to purchase up to 869,440 shares of common stock at an exercise price of $2.65 per share that will be immediately exercisable upon issuance and will expire eighteen months following the effective date of the registration statement covering the resale of the shares of common stock issuable upon exercise of the unregistered short-term warrants. The closing of the offering is expected to occur on or about June 9, subject to the satisfaction of customary closing conditions. The gross proceeds to the company from the offering are expected to be approximately $1.15M, before deducting placement agent fees and other offering expenses payable by the company. The potential additional gross proceeds to the company from the unregistered short-term warrants, if fully-exercised on a cash basis, will be approximately $2.3M. The company intends to use the net proceeds from the offering for general corporate purposes. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.