Venus Concept Inc. Signs Material Definitive Agreement
Ticker: VERO · Form: 8-K · Filed: Sep 16, 2024 · CIK: 1409269
| Field | Detail |
|---|---|
| Company | Venus Concept Inc. (VERO) |
| Form Type | 8-K |
| Filed Date | Sep 16, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $5,000,000, $2,237,906.85, $1,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, new-contract
TL;DR
Venus Concept just signed a big deal, details TBD.
AI Summary
On September 11, 2024, Venus Concept Inc. entered into a Material Definitive Agreement. The filing does not disclose specific details of the agreement or any associated dollar amounts, but it indicates a significant event for the company.
Why It Matters
This filing signals a significant new contract or partnership for Venus Concept Inc., which could impact its future revenue and strategic direction.
Risk Assessment
Risk Level: medium — The lack of specific details in the filing regarding the material definitive agreement introduces uncertainty about its terms and potential impact.
Key Players & Entities
- Venus Concept Inc. (company) — Registrant
- September 11, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the Material Definitive Agreement entered into by Venus Concept Inc.?
The filing states that Venus Concept Inc. entered into a Material Definitive Agreement on September 11, 2024, but does not provide specific details about its nature.
Are there any financial terms disclosed in relation to this agreement?
No, the filing does not disclose any specific dollar amounts or financial terms associated with the Material Definitive Agreement.
When was the Material Definitive Agreement reported?
The earliest event reported in relation to the Material Definitive Agreement was on September 11, 2024.
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.
Has Venus Concept Inc. had previous names?
Yes, Venus Concept Inc. was formerly known as Restoration Robotics, Inc., with name changes recorded on November 21, 2017, and August 8, 2007.
Filing Stats: 777 words · 3 min read · ~3 pages · Grade level 12.9 · Accepted 2024-09-16 16:15:19
Key Financial Figures
- $0.0001 — nge on which registered Common Stock, $0.0001 par value per share VERO The Nasdaq
- $5,000,000 — an aggregate principal amount of up to $5,000,000. Borrowings under the Bridge Financing
- $2,237,906.85 — a term loan in the principal amount of $2,237,906.85. The second drawdown under the Loan an
- $1,000,000 — ty Agreement in the principal amount of $1,000,000. On September 11, 2024, the Lenders ag
Filing Documents
- ef20035929_8k.htm (8-K) — 31KB
- 0001140361-24-041172.txt ( ) — 165KB
- vero-20240911.xsd (EX-101.SCH) — 4KB
- vero-20240911_lab.xml (EX-101.LAB) — 21KB
- vero-20240911_pre.xml (EX-101.PRE) — 16KB
- ef20035929_8k_htm.xml (XML) — 4KB
01
Item 1.01. Entry into a Material Definitive Agreement. Bridge Loan Drawdown As previously disclosed, on April 23, 2024, Venus Concept Inc. (the "Company"), Venus Concept USA, Inc., a wholly-owned subsidiary of the Company ("Venus USA" or "Borrower"), 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 and Security Agreement (the "Loan and Security Agreement"), with Madryn Health Partners, LP ("Madryn") and Madryn Health Partners (Cayman Master), LP ("Madryn Cayman," and together with Madryn, the "Lenders). Pursuant to the Loan and Security Agreement, the Lenders have agreed to provide the Borrower with bridge financing (the "Bridge Financing") in the form of a term loan in one or more draws in an aggregate principal amount of up to $5,000,000. Borrowings under the Bridge Financing will bear interest at a rate per annum equal to 12%. On the maturity date of the Bridge Financing, the Loan Parties are obligated to make a payment equal to all unpaid principal and accrued interest. The Loan and Security Agreement also provides that all present and future indebtedness and the obligations of the Borrower to Madryn shall be secured by a priority security interest in all real and personal property collateral of the Loan Parties. The initial drawdown under the Loan and Security Agreement occurred on April 23, 2024, when the Lenders agreed to provide the Borrower with bridge financing in the form of a term loan in the principal amount of $2,237,906.85. The second drawdown under the Loan and Security Agreement occurred on July 26, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,000,000. On September 11, 2024, the Lenders agreed to provide th
Financial Statements and Exhibits
Financial Statements and Exhibits. Exhibit No. Description 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: September 16, 2024 By: /s/ Domenic Della Penna Domenic Della Penna Chief Financial Officer