TORONTO - Venus Concept Inc. (NASDAQ: NASDAQ:VERO), a global medical aesthetic technology company, has been granted a conditional extension by the Nasdaq Hearings Panel to remain listed on the Nasdaq Capital Market. The company must demonstrate compliance with the Nasdaq Listing Rule 5550(b)(1) by May 28, 2024, to maintain its listing status.
The decision follows a previous notification from Nasdaq Listing Qualifications staff on May 31, 2023, which indicated that Venus Concept's stockholders' equity was below the required minimum for continued listing.
The company submitted a plan to regain compliance and was given an extension until November 27, 2023, which it did not meet. After a hearing on March 5, 2024, the Panel issued its decision on March 20, 2024.
Rajiv De Silva, CEO of Venus Concept, expressed gratitude for the opportunity to continue the company's turnaround plan and is looking forward to regaining compliance with Nasdaq’s requirements. In addition to these efforts, Venus Concept is actively exploring strategic alternatives to maximize shareholder value, a process that was announced on January 24, 2024.
Venus Concept's portfolio includes a range of medical aesthetic and hair restoration technologies. The company operates in over 60 countries and has direct markets in 12 locations.
It is supported by healthcare industry investors such as EW Healthcare Partners, HealthQuest Capital, Longitude Capital Management, Aperture Venture Partners, and Masters Special Situations.
The information disclosed is based on a press release statement from Venus Concept.
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