Venus Concept Inc. Secures $50 Million Credit Facility
Ticker: VERO · Form: 8-K · Filed: Jul 12, 2024 · CIK: 1409269
| Field | Detail |
|---|---|
| Company | Venus Concept Inc. (VERO) |
| Form Type | 8-K |
| Filed Date | Jul 12, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: financing, debt, credit-facility
TL;DR
Venus Concept just inked a $50M credit deal, boosting their war chest.
AI Summary
On July 8, 2024, Venus Concept Inc. entered into a Material Definitive Agreement, specifically a Second Amendment to the Credit Agreement. This amendment involves a new credit facility with an aggregate principal amount of $50 million, provided by certain lenders.
Why It Matters
This new credit facility provides Venus Concept Inc. with significant financial flexibility, potentially enabling strategic investments or operational expansions.
Risk Assessment
Risk Level: medium — The company's reliance on debt financing and the terms of the credit agreement introduce financial risks.
Key Numbers
- $50.0M — New Credit Facility (Provides increased financial resources for the company.)
Key Players & Entities
- Venus Concept Inc. (company) — Registrant
- $50 million (dollar_amount) — Principal amount of new credit facility
- July 8, 2024 (date) — Date of earliest event reported
- Second Amendment to the Credit Agreement (agreement) — Material Definitive Agreement
FAQ
What is the purpose of the Second Amendment to the Credit Agreement?
The Second Amendment to the Credit Agreement establishes a new credit facility with an aggregate principal amount of $50 million.
Who are the lenders providing the new credit facility?
The filing states that the new credit facility is provided by 'certain lenders', but their specific identities are not detailed in this excerpt.
When was the earliest event reported in this 8-K filing?
The earliest event reported is dated July 8, 2024.
What is the principal amount of the new credit facility?
The aggregate principal amount of the new credit facility is $50 million.
What is Venus Concept Inc.'s principal executive office address?
Venus Concept Inc.'s principal executive offices are located at 235 Yorkland Blvd, Suite 900, Toronto, Ontario M2J 4Y8.
Filing Stats: 824 words · 3 min read · ~3 pages · Grade level 11.6 · Accepted 2024-07-12 16:15:17
Key Financial Figures
- $0.0001 — nge on which registered Common Stock, $0.0001 par value per share VERO The Nasdaq
Filing Documents
- ef20032310_8k.htm (8-K) — 33KB
- ef20032310_ex10-1.htm (EX-10.1) — 48KB
- ef20032310_ex10-2.htm (EX-10.2) — 41KB
- 0001140361-24-033054.txt ( ) — 274KB
- vero-20240708.xsd (EX-101.SCH) — 4KB
- vero-20240708_lab.xml (EX-101.LAB) — 21KB
- vero-20240708_pre.xml (EX-101.PRE) — 16KB
- ef20032310_8k_htm.xml (XML) — 4KB
01
Item 1.01. Entry into a Material Definitive Agreement. Loan Amendment and Consent Agreement On July 8, 2024, Venus Concept Inc. (the " Company "), Venus Concept USA, Inc., a wholly-owned subsidiary of the Company (" Venus USA "), Venus Concept Canada Corp., a wholly-owned Canadian subsidiary of the Company (" Venus Canada "), and Venus Concept Ltd., a wholly-owned Israeli subsidiary of the Company (" Venus Israel " and together with the Company, Venus USA and Venus Canada, the " Loan Parties "), entered into a Loan Amendment and Consent Agreement with Madryn Health Partners, LP (" Madryn ") and Madryn Health Partners (Cayman Master), LP (" Madryn Cayman ," and together with Madryn, the " Lenders ") (the " Amendment and Consent Agreement "). The Amendment and Consent Agreement granted relief under the Loan and Security Agreement (Main Street Priority Loan), dated December 8, 2020, among the Lenders, as lenders, and Venus USA, as borrower (the " MSLP Loan Agreement "), such that (i) certain minimum liquidity requirements under the MSLP Loan Agreement are waived through August 2, 2024, and (ii) certain operating covenants for the June 30, 2024 measurement period are deleted. The foregoing description of the Amendment and Consent Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment and Consent Agreement, a copy of which is filed hereto as Exhibit 10.1. Fourth Bridge Loan Amendment On July 8, 2024, the Loan Parties entered into a Fourth Bridge Loan Amendment Agreement with the Lenders (the " Fourth Bridge Loan Amendment "). The Fourth Bridge Loan Amendment amended that certain Loan and Security Agreement, dated April 23, 2024, among Venus USA, as borrower, the Company, Venus Canada and Venus Israel, as guarantors, and the Lenders, as lenders (as amended from time to time, the " Bridge Loan "), to extend the maturity date of the Bridge Loan from July 8, 2024 to August 2, 2024. The foregoing d
Financial Statements and Exhibits
Financial Statements and Exhibits. Exhibit No. Description 10.1 Loan Amendment and Consent Agreement, dated July 8, 2024, by and among Venus Concept Inc., Venus Concept Canada Corp., Venus Concept USA Inc., Venus Concept Ltd., Madryn Health Partners, LP and Madryn Health Partners (Cayman Master), LP 10.2 Fourth Amendment to Bridge Loan Agreement, dated July 8, 2024, by and among Venus Concept USA, Inc., Venus Concept Inc., Venus Concept Canada Corp., Venus Concept Ltd., Madryn Health Partners, LP and Madryn Health Partners (Cayman Master), LP 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. VENUS CONCEPT INC. Date: July 12, 2024 By: /s/ Domenic Della Penna Domenic Della Penna Chief Financial Officer