Venus Concept Inc. announced a private placement of secured convertible notes for an aggregate principal amount of CAD 2 million on January 18, 2024. The transaction included participation from returning investor Essex Woodlands Management, Inc. and and one of its affiliates. 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 at an initial conversion price of CAD 1.251 per share, subject to adjustment.