[FWP] Morgan Stanley Free Writing Prospectus
Venus Concept Inc. (NASDAQ: VERO) has completed a series of related financing amendments designed to ease near-term liquidity pressure and realign its capital structure.
On 30 June 2025 the Company executed an Exchange Agreement with its senior lender Madryn Health Partners. Two existing secured subordinated convertible notes with aggregate principal of $17.0 million were exchanged for (i) new promissory notes totalling $11.1 million and (ii) 325,651 shares of newly issued Series Y Convertible Preferred Stock priced at $19.96 per share. Each preferred share converts into 9.0909 common shares, implying potential issuance of roughly 3.0 million additional common shares once conversion limits are lifted.
The transaction immediately reduces debt principal by about $5.9 million, shifts a portion of lender exposure into equity and carries no registration requirement under Section 3(a)(9). A Third Amended & Restated Registration Rights Agreement obligates the Company to file a shelf registration for the conversion shares within 60 days after all preferred shares convert.
Concurrently, the Company and Madryn executed several consent and amendment agreements: (1) waiver of minimum liquidity covenants on both the Main Street Priority Loan and the new notes through 31 July 2025, (2) permission to apply the 8 July 2025 interest payment to principal, and (3) a sixteenth amendment to the Bridge Loan extending maturity by one month to 31 July 2025.
To support the larger preferred issuance, Venus filed a Certificate of Amendment increasing authorized Series Y shares from 1.2 million to 1.5 million. A shareholder vote will be sought to remove Nasdaq-related conversion limits.
Overall, the package provides short-term covenant relief and modest debt reduction but adds potential equity dilution and highlights ongoing liquidity constraints, with several key maturities now deferred only to late July 2025.
Venus Concept Inc. (NASDAQ: VERO) ha completato una serie di modifiche finanziarie correlate volte ad alleviare la pressione sulla liquidità a breve termine e riallineare la sua struttura patrimoniale.
Il 30 giugno 2025 la Società ha stipulato un Accordo di Scambio con il suo principale finanziatore Madryn Health Partners. Due note convertibili subordinate garantite esistenti, con un capitale complessivo di 17,0 milioni di dollari, sono state scambiate con (i) nuove cambiali per un totale di 11,1 milioni di dollari e (ii) 325.651 azioni di nuova emissione della Serie Y di azioni privilegiate convertibili al prezzo di 19,96 dollari per azione. Ogni azione privilegiata si converte in 9,0909 azioni ordinarie, implicando un'emissione potenziale di circa 3,0 milioni di azioni ordinarie aggiuntive una volta rimossi i limiti di conversione.
L’operazione riduce immediatamente il capitale del debito di circa 5,9 milioni di dollari, sposta una parte dell’esposizione del finanziatore in equity e non richiede registrazione ai sensi della Sezione 3(a)(9). Un Terzo Accordo Modificato e Ristabilito sui Diritti di Registrazione obbliga la Società a presentare una registrazione a scaffale per le azioni di conversione entro 60 giorni dalla conversione di tutte le azioni privilegiate.
Parallelamente, la Società e Madryn hanno eseguito diversi accordi di consenso e modifica: (1) rinuncia ai covenant di liquidità minima sia sul Prestito Prioritario Main Street che sulle nuove cambiali fino al 31 luglio 2025, (2) autorizzazione ad applicare il pagamento degli interessi dell’8 luglio 2025 al capitale, e (3) una diciassettesima modifica al Prestito Bridge che estende la scadenza di un mese fino al 31 luglio 2025.
Per supportare la maggiore emissione di azioni privilegiate, Venus ha depositato un Certificato di Modifica per aumentare le azioni autorizzate della Serie Y da 1,2 milioni a 1,5 milioni. Sarà richiesta una votazione degli azionisti per rimuovere i limiti di conversione legati al Nasdaq.
Nel complesso, il pacchetto offre un sollievo temporaneo dai covenant e una modesta riduzione del debito, ma comporta una potenziale diluizione azionaria e mette in evidenza le persistenti restrizioni di liquidità, con diverse scadenze chiave ora rinviate solo a fine luglio 2025.
Venus Concept Inc. (NASDAQ: VERO) ha completado una serie de enmiendas financieras relacionadas diseñadas para aliviar la presión de liquidez a corto plazo y realinear su estructura de capital.
El 30 de junio de 2025, la Compañía ejecutó un Acuerdo de Intercambio con su prestamista senior Madryn Health Partners. Dos pagarés convertibles subordinados garantizados existentes con un principal agregado de 17,0 millones de dólares fueron intercambiados por (i) nuevos pagarés por un total de 11,1 millones de dólares y (ii) 325,651 acciones recién emitidas de la Serie Y de acciones preferentes convertibles valoradas en 19,96 dólares por acción. Cada acción preferente se convierte en 9,0909 acciones comunes, lo que implica una posible emisión de aproximadamente 3,0 millones de acciones comunes adicionales una vez que se levanten los límites de conversión.
La transacción reduce inmediatamente el principal de la deuda en aproximadamente 5,9 millones de dólares, convierte una parte de la exposición del prestamista en capital y no requiere registro bajo la Sección 3(a)(9). Un Tercer Acuerdo Modificado y Restablecido de Derechos de Registro obliga a la Compañía a presentar un registro en estantería para las acciones de conversión dentro de los 60 días posteriores a la conversión de todas las acciones preferentes.
Simultáneamente, la Compañía y Madryn ejecutaron varios acuerdos de consentimiento y enmienda: (1) renuncia a los convenios de liquidez mínima tanto en el Préstamo Prioritario Main Street como en los nuevos pagarés hasta el 31 de julio de 2025, (2) permiso para aplicar el pago de intereses del 8 de julio de 2025 al principal, y (3) una decimosexta enmienda al Préstamo Puente que extiende el vencimiento un mes hasta el 31 de julio de 2025.
Para apoyar la mayor emisión preferente, Venus presentó un Certificado de Enmienda aumentando las acciones autorizadas de la Serie Y de 1.2 millones a 1.5 millones. Se buscará una votación de accionistas para eliminar los límites de conversión relacionados con Nasdaq.
En general, el paquete proporciona alivio temporal de los convenios y una modesta reducción de la deuda, pero añade una posible dilución de acciones y destaca las continuas restricciones de liquidez, con varios vencimientos clave ahora aplazados solo hasta finales de julio de 2025.
Venus Concept Inc. (NASDAQ: VERO)는 단기 유동성 압박을 완화하고 자본 구조를 재조정하기 위한 일련의 관련 금융 수정 작업을 완료했습니다.
2025년 6월 30일, 회사는 주요 대출자인 Madryn Health Partners와 교환 계약을 체결했습니다. 총 원금 1,700만 달러의 기존 담보 하위 전환사채 두 건이 (i) 총 1,110만 달러의 신규 약속어음과 (ii) 주당 19.96달러로 가격이 책정된 신규 발행된 시리즈 Y 전환 우선주 325,651주로 교환되었습니다. 각 우선주는 9.0909 보통주로 전환되며, 전환 제한이 해제되면 약 300만 주의 추가 보통주가 발행될 수 있습니다.
이번 거래는 즉시 부채 원금을 약 590만 달러 줄이고, 대출자의 일부 노출을 주식으로 전환하며, 섹션 3(a)(9)에 따른 등록 요건이 없습니다. 제3차 수정 및 재확인 등록 권리 계약은 모든 우선주가 전환된 후 60일 이내에 전환 주식에 대한 선반 등록을 제출하도록 회사에 의무화합니다.
동시에 회사와 Madryn은 여러 동의 및 수정 계약을 체결했습니다: (1) 2025년 7월 31일까지 메인 스트리트 우선 대출과 신규 약속어음 모두에 대한 최소 유동성 약정 면제, (2) 2025년 7월 8일 이자 지급액을 원금에 적용하는 허가, (3) 만기를 한 달 연장하여 2025년 7월 31일까지로 하는 브리지 론 16차 수정.
더 큰 우선주 발행을 지원하기 위해 Venus는 시리즈 Y 승인 주식 수를 120만 주에서 150만 주로 늘리는 수정 증명서를 제출했습니다. Nasdaq 관련 전환 제한을 제거하기 위한 주주 투표가 진행될 예정입니다.
전반적으로 이번 패키지는 단기 약정 완화와 적당한 부채 감축을 제공하지만, 잠재적인 주식 희석을 수반하며 지속적인 유동성 제약을 강조합니다. 여러 주요 만기가 2025년 7월 말로 연기된 상태입니다.
Venus Concept Inc. (NASDAQ : VERO) a finalisé une série d'amendements financiers liés visant à alléger la pression sur la liquidité à court terme et à réaligner sa structure de capital.
Le 30 juin 2025, la Société a conclu un Accord d'Échange avec son prêteur principal Madryn Health Partners. Deux billets convertibles subordonnés garantis existants, d'un principal total de 17,0 millions de dollars, ont été échangés contre (i) de nouveaux billets à ordre totalisant 11,1 millions de dollars et (ii) 325 651 actions nouvellement émises de la série Y d'actions privilégiées convertibles au prix de 19,96 dollars par action. Chaque action privilégiée se convertit en 9,0909 actions ordinaires, ce qui implique une émission potentielle d'environ 3,0 millions d'actions ordinaires supplémentaires une fois les limites de conversion levées.
La transaction réduit immédiatement le principal de la dette d'environ 5,9 millions de dollars, transforme une partie de l'exposition du prêteur en actions et ne nécessite pas d'enregistrement en vertu de la section 3(a)(9). Un troisième accord modifié et rétabli concernant les droits d'enregistrement oblige la Société à déposer un enregistrement en étagère pour les actions de conversion dans les 60 jours suivant la conversion de toutes les actions privilégiées.
Parallèlement, la Société et Madryn ont signé plusieurs accords de consentement et d'amendement : (1) renonciation aux engagements de liquidité minimale sur le prêt prioritaire Main Street et les nouveaux billets jusqu'au 31 juillet 2025, (2) autorisation d'appliquer le paiement des intérêts du 8 juillet 2025 au principal, et (3) une seizième modification du prêt relais prolongeant l'échéance d'un mois jusqu'au 31 juillet 2025.
Pour soutenir la plus grande émission d'actions privilégiées, Venus a déposé un certificat d'amendement augmentant les actions autorisées de la série Y de 1,2 million à 1,5 million. Un vote des actionnaires sera demandé pour supprimer les limites de conversion liées au Nasdaq.
Dans l'ensemble, ce dispositif offre un soulagement temporaire des engagements et une réduction modérée de la dette, mais ajoute une dilution potentielle des actions et souligne les contraintes de liquidité persistantes, plusieurs échéances clés étant désormais reportées uniquement à la fin juillet 2025.
Venus Concept Inc. (NASDAQ: VERO) hat eine Reihe von Finanzierungsänderungen abgeschlossen, um den kurzfristigen Liquiditätsdruck zu verringern und die Kapitalstruktur neu auszurichten.
Am 30. Juni 2025 schloss das Unternehmen eine Tauschvereinbarung mit seinem vorrangigen Kreditgeber Madryn Health Partners ab. Zwei bestehende besicherte nachrangige Wandelanleihen mit einem Gesamtnennwert von 17,0 Millionen US-Dollar wurden gegen (i) neue Schuldscheine in Höhe von insgesamt 11,1 Millionen US-Dollar und (ii) 325.651 neu ausgegebene Aktien der Serie Y Wandelvorzugsaktien zum Preis von 19,96 US-Dollar pro Aktie getauscht. Jede Vorzugsaktie wandelt sich in 9,0909 Stammaktien um, was eine potenzielle Ausgabe von etwa 3,0 Millionen zusätzlichen Stammaktien bedeutet, sobald die Umwandlungsbeschränkungen aufgehoben sind.
Die Transaktion reduziert sofort die Schuldsumme um etwa 5,9 Millionen US-Dollar, wandelt einen Teil der Kreditgeberexposition in Eigenkapital um und erfordert keine Registrierung gemäß Abschnitt 3(a)(9). Eine dritte geänderte und neu gefasste Vereinbarung über Registrierungsrechte verpflichtet das Unternehmen, innerhalb von 60 Tagen nach Umwandlung aller Vorzugsaktien eine Shelf-Registrierung für die Umwandlungsaktien einzureichen.
Gleichzeitig führten das Unternehmen und Madryn mehrere Zustimmungs- und Änderungsvereinbarungen durch: (1) Verzicht auf Mindestliquiditätsklauseln sowohl für den Main Street Priority Loan als auch für die neuen Schuldscheine bis zum 31. Juli 2025, (2) Erlaubnis, die Zinszahlung am 8. Juli 2025 auf die Hauptschuld anzurechnen, und (3) eine sechzehnte Änderung des Bridge Loans, die die Fälligkeit um einen Monat bis zum 31. Juli 2025 verlängert.
Zur Unterstützung der größeren Vorzugsaktienausgabe reichte Venus ein Änderungszertifikat ein, das die autorisierten Serie-Y-Aktien von 1,2 Millionen auf 1,5 Millionen erhöht. Eine Aktionärsabstimmung wird angestrebt, um die Nasdaq-bezogenen Umwandlungsbeschränkungen aufzuheben.
Insgesamt bietet das Paket kurzfristige Erleichterungen bei den Covenants und eine moderate Schuldenreduzierung, bringt jedoch potenzielle Eigenkapitalverwässerung mit sich und unterstreicht die anhaltenden Liquiditätsengpässe, wobei mehrere wichtige Fälligkeiten nun erst Ende Juli 2025 anstehen.
- Debt principal reduced by approximately $5.9 million, lowering cash interest requirements.
- Minimum liquidity covenants waived across multiple facilities until 31 July 2025, providing short-term breathing room.
- Maturity of the bridge loan extended by one month, avoiding an immediate refinancing cliff.
- Lender converted part of its claim into equity, signalling continued support and aligning incentives.
- Series Y Preferred converts into ~3 million common shares, creating significant potential dilution for existing shareholders.
- Covenant relief and maturity extension last only until 31 July 2025, implying ongoing liquidity stress.
- All securities issued are unregistered, limiting immediate market liquidity for the new equity.
- The transactions concentrate further control with a single lender, potentially reducing financing flexibility.
Insights
TL;DR – Debt principal cut by $5.9 m and covenants waived, but dilution and July maturity still loom.
The exchange lowers secured note principal from $17.0 m to $11.1 m, trimming quarterly interest expense and modestly improving leverage. Converting part of Madryn’s claim into preferred equity aligns lender incentives with equity holders and removes near-term cash interest on that piece. However, Series Y converts into ~3 m common shares—about 15-20 % of the current float—setting up meaningful dilution once shareholder approval removes Nasdaq limits. Covenant waivers and a one-month bridge-loan extension underscore tight liquidity; management has until 31 July 2025 to secure longer-term financing or restructure further. Net impact is cautiously positive for solvency but neutral-to-negative for existing equity holders due to dilution risk.
TL;DR – Classic liability-management exchange; improves balance-sheet optics but only buys 30 days of runway.
This transaction swaps subordinated debt into a hybrid instrument, lowering secured debt stack and increasing equity cushion for senior creditors. The use of Section 3(a)(9) avoids registration and speeds execution. Waiving liquidity covenants and redirecting July interest to principal conserves roughly $0.3-0.4 m cash. Yet the short extension of the bridge facility and continued reliance on the same lender indicate limited alternative capital sources. Absent a broader refinancing before 31 July, default risk persists. Investor takeaway: incremental, not transformational.
Venus Concept Inc. (NASDAQ: VERO) ha completato una serie di modifiche finanziarie correlate volte ad alleviare la pressione sulla liquidità a breve termine e riallineare la sua struttura patrimoniale.
Il 30 giugno 2025 la Società ha stipulato un Accordo di Scambio con il suo principale finanziatore Madryn Health Partners. Due note convertibili subordinate garantite esistenti, con un capitale complessivo di 17,0 milioni di dollari, sono state scambiate con (i) nuove cambiali per un totale di 11,1 milioni di dollari e (ii) 325.651 azioni di nuova emissione della Serie Y di azioni privilegiate convertibili al prezzo di 19,96 dollari per azione. Ogni azione privilegiata si converte in 9,0909 azioni ordinarie, implicando un'emissione potenziale di circa 3,0 milioni di azioni ordinarie aggiuntive una volta rimossi i limiti di conversione.
L’operazione riduce immediatamente il capitale del debito di circa 5,9 milioni di dollari, sposta una parte dell’esposizione del finanziatore in equity e non richiede registrazione ai sensi della Sezione 3(a)(9). Un Terzo Accordo Modificato e Ristabilito sui Diritti di Registrazione obbliga la Società a presentare una registrazione a scaffale per le azioni di conversione entro 60 giorni dalla conversione di tutte le azioni privilegiate.
Parallelamente, la Società e Madryn hanno eseguito diversi accordi di consenso e modifica: (1) rinuncia ai covenant di liquidità minima sia sul Prestito Prioritario Main Street che sulle nuove cambiali fino al 31 luglio 2025, (2) autorizzazione ad applicare il pagamento degli interessi dell’8 luglio 2025 al capitale, e (3) una diciassettesima modifica al Prestito Bridge che estende la scadenza di un mese fino al 31 luglio 2025.
Per supportare la maggiore emissione di azioni privilegiate, Venus ha depositato un Certificato di Modifica per aumentare le azioni autorizzate della Serie Y da 1,2 milioni a 1,5 milioni. Sarà richiesta una votazione degli azionisti per rimuovere i limiti di conversione legati al Nasdaq.
Nel complesso, il pacchetto offre un sollievo temporaneo dai covenant e una modesta riduzione del debito, ma comporta una potenziale diluizione azionaria e mette in evidenza le persistenti restrizioni di liquidità, con diverse scadenze chiave ora rinviate solo a fine luglio 2025.
Venus Concept Inc. (NASDAQ: VERO) ha completado una serie de enmiendas financieras relacionadas diseñadas para aliviar la presión de liquidez a corto plazo y realinear su estructura de capital.
El 30 de junio de 2025, la Compañía ejecutó un Acuerdo de Intercambio con su prestamista senior Madryn Health Partners. Dos pagarés convertibles subordinados garantizados existentes con un principal agregado de 17,0 millones de dólares fueron intercambiados por (i) nuevos pagarés por un total de 11,1 millones de dólares y (ii) 325,651 acciones recién emitidas de la Serie Y de acciones preferentes convertibles valoradas en 19,96 dólares por acción. Cada acción preferente se convierte en 9,0909 acciones comunes, lo que implica una posible emisión de aproximadamente 3,0 millones de acciones comunes adicionales una vez que se levanten los límites de conversión.
La transacción reduce inmediatamente el principal de la deuda en aproximadamente 5,9 millones de dólares, convierte una parte de la exposición del prestamista en capital y no requiere registro bajo la Sección 3(a)(9). Un Tercer Acuerdo Modificado y Restablecido de Derechos de Registro obliga a la Compañía a presentar un registro en estantería para las acciones de conversión dentro de los 60 días posteriores a la conversión de todas las acciones preferentes.
Simultáneamente, la Compañía y Madryn ejecutaron varios acuerdos de consentimiento y enmienda: (1) renuncia a los convenios de liquidez mínima tanto en el Préstamo Prioritario Main Street como en los nuevos pagarés hasta el 31 de julio de 2025, (2) permiso para aplicar el pago de intereses del 8 de julio de 2025 al principal, y (3) una decimosexta enmienda al Préstamo Puente que extiende el vencimiento un mes hasta el 31 de julio de 2025.
Para apoyar la mayor emisión preferente, Venus presentó un Certificado de Enmienda aumentando las acciones autorizadas de la Serie Y de 1.2 millones a 1.5 millones. Se buscará una votación de accionistas para eliminar los límites de conversión relacionados con Nasdaq.
En general, el paquete proporciona alivio temporal de los convenios y una modesta reducción de la deuda, pero añade una posible dilución de acciones y destaca las continuas restricciones de liquidez, con varios vencimientos clave ahora aplazados solo hasta finales de julio de 2025.
Venus Concept Inc. (NASDAQ: VERO)는 단기 유동성 압박을 완화하고 자본 구조를 재조정하기 위한 일련의 관련 금융 수정 작업을 완료했습니다.
2025년 6월 30일, 회사는 주요 대출자인 Madryn Health Partners와 교환 계약을 체결했습니다. 총 원금 1,700만 달러의 기존 담보 하위 전환사채 두 건이 (i) 총 1,110만 달러의 신규 약속어음과 (ii) 주당 19.96달러로 가격이 책정된 신규 발행된 시리즈 Y 전환 우선주 325,651주로 교환되었습니다. 각 우선주는 9.0909 보통주로 전환되며, 전환 제한이 해제되면 약 300만 주의 추가 보통주가 발행될 수 있습니다.
이번 거래는 즉시 부채 원금을 약 590만 달러 줄이고, 대출자의 일부 노출을 주식으로 전환하며, 섹션 3(a)(9)에 따른 등록 요건이 없습니다. 제3차 수정 및 재확인 등록 권리 계약은 모든 우선주가 전환된 후 60일 이내에 전환 주식에 대한 선반 등록을 제출하도록 회사에 의무화합니다.
동시에 회사와 Madryn은 여러 동의 및 수정 계약을 체결했습니다: (1) 2025년 7월 31일까지 메인 스트리트 우선 대출과 신규 약속어음 모두에 대한 최소 유동성 약정 면제, (2) 2025년 7월 8일 이자 지급액을 원금에 적용하는 허가, (3) 만기를 한 달 연장하여 2025년 7월 31일까지로 하는 브리지 론 16차 수정.
더 큰 우선주 발행을 지원하기 위해 Venus는 시리즈 Y 승인 주식 수를 120만 주에서 150만 주로 늘리는 수정 증명서를 제출했습니다. Nasdaq 관련 전환 제한을 제거하기 위한 주주 투표가 진행될 예정입니다.
전반적으로 이번 패키지는 단기 약정 완화와 적당한 부채 감축을 제공하지만, 잠재적인 주식 희석을 수반하며 지속적인 유동성 제약을 강조합니다. 여러 주요 만기가 2025년 7월 말로 연기된 상태입니다.
Venus Concept Inc. (NASDAQ : VERO) a finalisé une série d'amendements financiers liés visant à alléger la pression sur la liquidité à court terme et à réaligner sa structure de capital.
Le 30 juin 2025, la Société a conclu un Accord d'Échange avec son prêteur principal Madryn Health Partners. Deux billets convertibles subordonnés garantis existants, d'un principal total de 17,0 millions de dollars, ont été échangés contre (i) de nouveaux billets à ordre totalisant 11,1 millions de dollars et (ii) 325 651 actions nouvellement émises de la série Y d'actions privilégiées convertibles au prix de 19,96 dollars par action. Chaque action privilégiée se convertit en 9,0909 actions ordinaires, ce qui implique une émission potentielle d'environ 3,0 millions d'actions ordinaires supplémentaires une fois les limites de conversion levées.
La transaction réduit immédiatement le principal de la dette d'environ 5,9 millions de dollars, transforme une partie de l'exposition du prêteur en actions et ne nécessite pas d'enregistrement en vertu de la section 3(a)(9). Un troisième accord modifié et rétabli concernant les droits d'enregistrement oblige la Société à déposer un enregistrement en étagère pour les actions de conversion dans les 60 jours suivant la conversion de toutes les actions privilégiées.
Parallèlement, la Société et Madryn ont signé plusieurs accords de consentement et d'amendement : (1) renonciation aux engagements de liquidité minimale sur le prêt prioritaire Main Street et les nouveaux billets jusqu'au 31 juillet 2025, (2) autorisation d'appliquer le paiement des intérêts du 8 juillet 2025 au principal, et (3) une seizième modification du prêt relais prolongeant l'échéance d'un mois jusqu'au 31 juillet 2025.
Pour soutenir la plus grande émission d'actions privilégiées, Venus a déposé un certificat d'amendement augmentant les actions autorisées de la série Y de 1,2 million à 1,5 million. Un vote des actionnaires sera demandé pour supprimer les limites de conversion liées au Nasdaq.
Dans l'ensemble, ce dispositif offre un soulagement temporaire des engagements et une réduction modérée de la dette, mais ajoute une dilution potentielle des actions et souligne les contraintes de liquidité persistantes, plusieurs échéances clés étant désormais reportées uniquement à la fin juillet 2025.
Venus Concept Inc. (NASDAQ: VERO) hat eine Reihe von Finanzierungsänderungen abgeschlossen, um den kurzfristigen Liquiditätsdruck zu verringern und die Kapitalstruktur neu auszurichten.
Am 30. Juni 2025 schloss das Unternehmen eine Tauschvereinbarung mit seinem vorrangigen Kreditgeber Madryn Health Partners ab. Zwei bestehende besicherte nachrangige Wandelanleihen mit einem Gesamtnennwert von 17,0 Millionen US-Dollar wurden gegen (i) neue Schuldscheine in Höhe von insgesamt 11,1 Millionen US-Dollar und (ii) 325.651 neu ausgegebene Aktien der Serie Y Wandelvorzugsaktien zum Preis von 19,96 US-Dollar pro Aktie getauscht. Jede Vorzugsaktie wandelt sich in 9,0909 Stammaktien um, was eine potenzielle Ausgabe von etwa 3,0 Millionen zusätzlichen Stammaktien bedeutet, sobald die Umwandlungsbeschränkungen aufgehoben sind.
Die Transaktion reduziert sofort die Schuldsumme um etwa 5,9 Millionen US-Dollar, wandelt einen Teil der Kreditgeberexposition in Eigenkapital um und erfordert keine Registrierung gemäß Abschnitt 3(a)(9). Eine dritte geänderte und neu gefasste Vereinbarung über Registrierungsrechte verpflichtet das Unternehmen, innerhalb von 60 Tagen nach Umwandlung aller Vorzugsaktien eine Shelf-Registrierung für die Umwandlungsaktien einzureichen.
Gleichzeitig führten das Unternehmen und Madryn mehrere Zustimmungs- und Änderungsvereinbarungen durch: (1) Verzicht auf Mindestliquiditätsklauseln sowohl für den Main Street Priority Loan als auch für die neuen Schuldscheine bis zum 31. Juli 2025, (2) Erlaubnis, die Zinszahlung am 8. Juli 2025 auf die Hauptschuld anzurechnen, und (3) eine sechzehnte Änderung des Bridge Loans, die die Fälligkeit um einen Monat bis zum 31. Juli 2025 verlängert.
Zur Unterstützung der größeren Vorzugsaktienausgabe reichte Venus ein Änderungszertifikat ein, das die autorisierten Serie-Y-Aktien von 1,2 Millionen auf 1,5 Millionen erhöht. Eine Aktionärsabstimmung wird angestrebt, um die Nasdaq-bezogenen Umwandlungsbeschränkungen aufzuheben.
Insgesamt bietet das Paket kurzfristige Erleichterungen bei den Covenants und eine moderate Schuldenreduzierung, bringt jedoch potenzielle Eigenkapitalverwässerung mit sich und unterstreicht die anhaltenden Liquiditätsengpässe, wobei mehrere wichtige Fälligkeiten nun erst Ende Juli 2025 anstehen.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,030
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
Worst-of INDU, NDX and RTY Enhanced Trigger Jump Securities due August 5, 2030
This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, index supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.
|
Terms |
|
|
Issuer: |
Morgan Stanley Finance LLC |
|
Guarantor: |
Morgan Stanley |
|
Underliers: |
Dow Jones Industrial AverageSM (INDU), Nasdaq-100 Index® (NDX) and Russell 2000® Index (RTY) |
|
Upside payment: |
$475 to $495 per security (47.50% to 49.50% of the stated principal amount) |
|
Downside threshold level: |
70% of the initial level for each underlier |
|
Pricing date: |
July 31, 2025 |
|
Observation date: |
July 31, 2030 |
|
Maturity date: |
August 5, 2030 |
|
CUSIP: |
61778K7M3 |
|
Estimated value: |
$949.70 per security, or within $55.00 of that estimate |
|
Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225036057/ms9030_424b2-19724.htm |
1All payments are subject to our credit risk
|
Hypothetical Payment at Maturity1 The payment at maturity will be based solely on the performance of the worst performing underlier, which could be any underlier. The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the worst performing underlier over the term of the securities.
|
|
|
% Change in Closing Level of the Worst Performing Underlier |
Payment at Maturity per Security |
|
+100.00% |
$1,475.00* |
|
+80.00% |
$1,475.00* |
|
+60.00% |
$1,475.00* |
|
+40.00% |
$1,475.00* |
|
+20.00% |
$1,475.00* |
|
0.00% |
$1,475.00* |
|
-20.00% |
$1,475.00* |
|
-30.00% |
$1,475.00* |
|
-31.00% |
$690.00 |
|
-40.00% |
$600.00 |
|
-60.00% |
$400.00 |
|
-80.00% |
$200.00 |
|
-100.00% |
$0.00 |
|
*Assumes an upside payment of $475 per security |
|
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.
Underlier(s)
For more information about the underlier(s), including historical performance information, see the accompanying preliminary pricing supplement.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to an Investment in the Securities
●The securities do not guarantee the return of any principal and do not pay interest.
●The appreciation potential of the securities is fixed and limited.
●The amount payable on the securities is not linked to the values of the underliers at any time other than the observation date.
●The market price of the securities may be influenced by many unpredictable factors.
●The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.
●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.
●The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices.
●The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.
●The securities will not be listed on any securities exchange and secondary trading may be limited.
●As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s).
●The U.S. federal income tax consequences of an investment in the securities are uncertain.
Risks Relating to the Underlier(s)
●Because your return on the securities will depend upon the performance of the underlier(s), the securities are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.
oYou are exposed to the price risk of each underlier.
oBecause the securities are linked to the performance of the worst performing underlier, you are exposed to a greater risk of not receiving a positive return on the securities and/or sustaining a significant loss on your investment than if the securities were linked to just one underlier.
oAdjustments to an underlying index could adversely affect the value of the securities.
●The securities are subject to risks associated with small-capitalization companies.
Risks Relating to Conflicts of Interest
●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.
Tax Considerations
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Additional Information About the Securities– United States federal income tax considerations” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.
FAQ
Why did Venus Concept (VERO) exchange its notes on 30 June 2025?
How much debt was reduced by the exchange?
What is the dilution impact of the new Series Y Preferred Stock?
How long are liquidity covenants waived under the new agreements?
When does the amended bridge loan now mature?
Will the conversion shares be registered?
