Venus Concept announces issuance of $2M of convertible notes

Venus Concept issued new secured convertible notes to EW Healthcare Partners, L.P. and one of its affiliates in an aggregate principal amount of $2.0 million. The convertible notes have a maturity date of December 9, 2025 and an annual interest rate of 90-day Adjusted SOFR + 8.5% that is payable in kind on a quarterly basis. The notes are convertible at any time into shares of common stock of the Company at an initial conversion price of $1.251 per share, subject to adjustment. The convertible notes include a mandatory redemption provision for part or all of the notes upon the Company or Venus Concept USA Inc. receiving payments in connection with employee retention credits, and the occurrence of certain specified events.