Venus Concept Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
October 19 2022 - 4:05PM
Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ:
VERO), a global medical aesthetic technology leader, today
announced that it has issued a stock option inducement grant
to its President and Chief Business Officer, Hemanth
Varghese, upon the effective date of his employment agreement
on October 17, 2022. The inducement grant was approved by a
majority of the Company's independent directors in accordance with
Nasdaq Listing Rule 5635(c)(4), which also requires a public
announcement.
The inducement grant was made as a material
inducement to Dr. Varghese’s acceptance of employment
with the Company as a component of his employment compensation. It
consists of stock options to purchase an aggregate of 1,100,000
shares of the Company's common stock. The inducement grant is
subject to the terms and conditions of the award agreement covering
the stock option grant. The options vest as follows: 25% vest on
the one-year anniversary of the date of grant and the remaining 75%
vest quarterly over three years thereafter. The options have an
exercise price of $0.2725 per share, which is equal to the closing
price of Company’s common stock on October 17, 2022.
About Venus Concept
Venus Concept is an innovative global medical
aesthetic technology leader with a broad product portfolio of
minimally invasive and non-invasive medical aesthetic and hair
restoration technologies and reach in over 60 countries and 18
direct markets. Venus Concept’s product portfolio consists of
aesthetic device platforms, including Venus Versa, Venus Legacy,
Venus Velocity, Venus Fiore, Venus Viva, Venus Glow, Venus Bliss,
Venus BlissMAX, Venus Epileve and Venus Viva MD. Venus Concept’s
hair restoration systems include NeoGraft® and the ARTAS® and ARTAS
iX® Robotic Hair Restoration systems. Venus Concept has been backed
by leading healthcare industry growth equity investors including EW
Healthcare Partners (formerly Essex Woodlands), HealthQuest
Capital, Longitude Capital Management, Aperture Venture Partners,
and Masters Special Situations.
Cautionary Statement Regarding
Forward-Looking Statements
This communication contains contains
“forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933, as amended and Section 21E of
the Securities Exchange Act of 1934, as amended. Any statements
contained herein that are not of historical facts may be deemed to
be forward-looking statements. In some cases, you can identify
these statements by words such as such as “anticipates,”
“believes,” “plans,” “expects,” “projects,” “future,” “intends,”
“may,” “should,” “could,” “estimates,” “predicts,” “potential,”
“continue,” “guidance,” and other similar expressions that are
predictions of or indicate future events and future trends. These
forward-looking statements include, but are not limited to,
statements about our financial performance; the growth in demand
for our systems and other products; and general economic
conditions, including the global economic impact of COVID-19, and
involve risks and uncertainties that may cause results to differ
materially from those set forth in the statements. These
forward-looking statements are based on current expectations,
estimates, forecasts, and projections about our business and the
industry in which the Company operates and management's beliefs and
assumptions and are not guarantees of future performance or
developments and involve known and unknown risks, uncertainties,
and other factors that are in some cases beyond our control. As a
result, any or all of our forward-looking statements in this
communication may turn out to be inaccurate. Factors that could
materially affect our business operations and financial performance
and condition include, but are not limited to, those risks and
uncertainties described under Part II Item 1A—“Risk Factors” in our
Quarterly Reports on Form 10-Q and Part I Item 1A—“Risk Factors” in
our Annual Report on Form 10-K for the fiscal year ended
December 31, 2021. You are urged to consider these factors
carefully in evaluating the forward-looking statements and are
cautioned not to place undue reliance on the forward-looking
statements. The forward-looking statements are based on information
available to us as of the date of this communication. Unless
required by law, the Company does not intend to publicly update or
revise any forward-looking statements to reflect new information or
future events or otherwise.
Investor Relations Contact:
ICR Westwicke on behalf of Venus Concept:
Mike Piccinino, CFA
VenusConceptIR@westwicke.com
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