Venus Concept Granted Continued Listing from Nasdaq Hearings Panel, Subject to Return to Compliance with Nasdaq Listing Rules

TORONTO, March 25, 2024 (GLOBE NEWSWIRE) -- Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ: VERO) announced today that it received a decision from the Nasdaq Hearings Panel (the “Nasdaq Panel”) granting its request for continued listing on the Nasdaq Capital Market, subject to the Company demonstrating compliance with Nasdaq Listing Rule 5550(b)(1) or any of the alternative requirements under Nasdaq Listing Rule 5550(b) on or before May 28, 2024, and certain other conditions (the “Panel Decision”).

On May 31, 2023, Nasdaq Listing Qualifications staff (“Nasdaq Staff”) issued the Company a deficiency notice citing that the stockholders’ equity as reported in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2023, was below the minimum $2,500,000 required for continued listing under Nasdaq Listing Rule 5550(b)(1) (“Minimum Equity Requirement”). On July 17, 2023, the Company submitted to the Nasdaq Staff a plan to regain compliance with the Minimum Equity Requirement (the "Plan"). On July 28, 2023, the Nasdaq Staff granted an extension until November 27, 2023 to evidence compliance with the Minimum Equity Requirement, conditioned upon the Company’s achievement of certain milestones as set forth in the Plan. On November 28, 2023, the Company received a written notice from the Nasdaq Staff which described its determination that the Company had not regained compliance with the Minimum Equity Requirement within the Plan period. On December 5, 2023, the Company requested a hearing, which was held on March 5, 2024 (the “Hearing”), staying any delisting pending the issuance of the Panel’s decision. At the Hearing, the Company presented a comprehensive compliance plan to regain compliance to the Nasdaq Panel and received the Panel Decision regarding the Nasdaq Listing Rules on March 20, 2024.

“We are grateful for the opportunity from Nasdaq to continue to implement our turnaround plan, " said Rajiv De Silva, Chief Executive Officer of Venus Concept. “We look forward to regaining and maintaining compliance with Nasdaq’s continued listing requirements and executing on our plan to grow the business and achieve cash flow breakeven.”
        
Venus Concept continues to explore strategic alternatives to maximize shareholder value as part of the process announced on January 24, 2024. This includes engaging in dialogue with the Company’s existing lenders and investors to find ways to best enable Venus Concept to achieve our operational and strategic objectives.