Venus Concept Inc. VERO, a company specializing in medical aesthetic technology, saw its stock price soar by 126.7% in pre-market trading on Friday after announcing it has regained compliance with Nasdaq’s minimum equity rule.
At the time of writing, Venus Concept stock was trading at $2.45, according to Benzinga Pro.
The company said it received the notification on June 4 from the Nasdaq that it had regained compliance with the stockholders' equity requirement.
Previously, Venus Concept had been issued a deficiency notice on May 31, 2023, for failing to meet the $2,500,000 stockholders’ equity requirement. This put the company at risk of being delisted, which would have significantly impacted investor confidence and liquidity.
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To address this, Venus Concept completed a $35 million debt-to-equity transaction on May 28. This transaction enabled the company to satisfy the Nasdaq Listing Rule 5550(b)(1) requirements, as confirmed by Nasdaq’s notice.
Additionally, Venus Concept received a medical device license from Health Canada for its Venus Versa Pro system, allowing it to market the aesthetic platform in Canada. The Venus Versa Pro system integrates multiple technologies aimed at skin rejuvenation.
As part of the compliance, Venus Concept will be under a mandatory panel monitor until June 4, 2025, per Nasdaq Listing Rule 5815(d)(4)(B).
At the time of writing, the company was trading near its 52-week high of $2.60 apiece.
Photo via Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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