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Note 19 - Subsequent Events
3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Subsequent Events [Text Block]

19. SUBSEQUENT EVENTS

 

Sale of Stock to LPC

 

Between April 1, 2023, and May 9, 2023, the Company issued 66,666 shares of common stock to Lincoln Park at an average price of $2.73 per share. See Note 15 for further information regarding the 2022 LPC Purchase Agreement.

 

Plan to Dissolve Venus Concept Korea

 

On February 7, 2023, the Board made several strategic decisions to dissolve itself of underperforming direct sales offices in the countries which were not anticipated to produce sustainable results. As a part of this initiative, on April 18, 2023, the Company held a meeting with the employees of Venus Concept Korea Ltd. (“Venus Korea”) and communicated the Company’s plan to divest itself of its equity interest in Venus Korea. No divestiture has occurred during the three months ended March 31, 2023, however we expect to incur severance costs in the amount of $54 thousand in association with the planned divestiture of Venus Korea.

 

Reverse Stock Split

 

On May 11, 2023, the Company effected a 1-for-15 reverse stock split (the “Reverse Stock Split”) of the Company’s issued and outstanding common stock, par value $0.0001 per share by the filing of a Certificate of Amendment of Certificate of Incorporation with the Secretary of State of the State of Delaware pursuant to the Delaware General Corporation Law. The Reverse Stock Split became effective at 5:00 p.m. Eastern Time on May 11, 2023 and began trading on a Reverse Stock Split-adjusted basis as of the opening of the Nasdaq Capital Market on May 12, 2023. Further information regarding the Reverse Stock Split is contained in the Company’s Form 8-K filed with the SEC on May 11, 2023.