News

Latest News

Stocks in Play

Dividend Stocks

Breakout Stocks

Tech Insider

Forex Daily Briefing

US Markets

Stocks To Watch

The Week Ahead

SECTOR NEWS

Commodites

Commodity News

Metals & Mining News

Crude Oil News

Crypto News

M & A News

Newswires

OTC Company News

TSX Company News

Earnings Announcements

Dividend Announcements

Venus Concept Gains

Shares in Venus Concept Inc. (NASDAQ: VERO) moved higher Friday. The global medical aesthetic technology leader announced that, on Thursday, the Company exchanged $15.0 million of its senior debt held by affiliates of Madryn Asset Management, LP for 203,583 shares of its Series Y preferred stock. Following this transaction, the Company had total debt obligations of approximately $34.6 million, down 25% from $46.0 million outstanding as of June 30, 2024 and down 54% from $74.9 million outstanding as of December 31, 2023.

“We continue to execute on our transformation plan and today’s transaction brings us another step closer to optimizing our capital structure and debt profile for the business,” said CEO Rajiv De Silva. “The support from Madryn has been critical in our journey and we are grateful for their long-term support. This transaction further strengthens the financial health of the Company and advances our plan towards achieving sustained, long-term profitability.”

“This latest exchange of debt into equity reflects our continued support of Venus as a market leader in the aesthetics industry,” said Avinash Amin, MD, Managing Partner at Madryn Asset Management, LP. “We are encouraged with the Company’s continued progress towards transforming the balance sheet and look forward to the ongoing partnership with the Company to execute on growth initiatives.”

VERO shares hiked 31 cents, or 5.3%, to 62 cents.