It's Official: Venus Concept Completes Merger with Restoration Robotics

November 7, 2019

Combined company raises $28 million in private placement.

Venus Concept Inc. has completed its previously announced merger with Restoration Robotic, Inc., effective November 7, 2019.

Following the completion of the merger, Venus Concept completed a $28 million equity financing by EW Healthcare Partners, HealthQuest Capital, SEDCO Capital and others.

Restoration Robotics changed its name to Venus Concept Inc. The combined company will commence trading on November 8, 2019 on the Nasdaq Global Market under the ticker symbol “VERO”.

The holders of shares of Venus Concept Ltd. capital stock outstanding immediately prior to the merger received 8.6506 shares of Restoration Robotics common stock in exchange for each share of Venus Concept Ltd. ordinary and preferred shares in the merger. Immediately following the completion of the merger, Venus Concept affected a 1-for-15 reverse stock split of its outstanding common stock.

Following the completion of the merger and the equity financing, the combined company had approximately 29.7 million shares of common stock outstanding, on a post reverse stock split basis.

“We are pleased to announce the closing of our merger with Restoration Robotics,” says Domenic Serafino, Chief Executive Officer of Venus Concept, in a news release. “We have made significant progress in enhancing our financial condition with our recent financing activities. The outlook for Venus Concept is very positive and we believe the combined company is well-positioned as a leading player in both the global minimally invasive/non-invasive medical aesthetics market and the minimally invasive surgical hair restoration market.”

Following the completion of the merger, Restoration Robotics moved its corporate headquarters to Toronto, Canada. The combined company operates under the leadership of Venus Concept’s management, including Domenic Serafino as Chief Executive Officer, Domenic Della Penna as Chief Financial Officer and Soren Maor Sinay as Chief Operating Officer. Scott Barry, affiliated with EW Healthcare Partners, will be Chairman of the Board of Directors of the combined company, which will include Mr. Serafino, Juliet Bakker affiliated with Longitude Capital Management, Garheng Kong affiliated with HealthQuest Capital, Louise Lacchin, Fritz LaPorte, Anthony Natale affiliated with Aperture Venture Partners, and Keith Sullivan and Frederic Moll, both directors of Restoration Robotics.

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