[8-K] Venus Concept Inc. Reports Material Event

Rhea-AI Filing Summary

Venus Concept Inc. entered agreements to convert a secured subordinated convertible note held by Madryn and to amend related financing and registration arrangements. The company agreed to exchange the existing secured subordinated convertible note dated June 30, 2025 with an original principal of $4,105,696.60 for 201,774 shares of newly designated Series Y Convertible Preferred Stock. The filing lists several related documents, including a Certificate of Amendment for the Series Y preferred, an Exchange Agreement, a Registration Rights Agreement, a Consent Agreement, and a Bridge Loan Amendment, plus a press release.

The filings indicate the company and Madryn agreed to restructure the note into preferred equity and to amend registration and bridge loan terms, with accompanying documentary updates reflecting those changes.

Positive

• $4,105,696.60 of secured subordinated debt is being converted to preferred equity
• 201,774 shares of Series Y Convertible Preferred Stock to be issued to Madryn
• Execution of an Exchange Agreement and related Registration Rights Agreement to formalize the transaction

Negative

• None.

Insights

Corporate Finance Analyst

Conversion of a $4.1M note into 201,774 Series Y preferred shares restructures creditor exposure into preferred equity.

The company is replacing a secured subordinated convertible note with Series Y Convertible Preferred Stock, as documented in an Exchange Agreement. This moves the holder from a debt position to an equity-like position under the specified preferred designation.

The filing also includes a Registration Rights Agreement and a Bridge Loan Amendment, indicating coordinated adjustments to both issuance mechanics and related financing terms.

Securities/Compliance Attorney

Multiple executed exhibits show corporate and registration actions accompany the exchange.

The filing attaches a Certificate of Amendment for the Series Y preferred and a Consent Agreement among the company and affiliates, which formalize charter changes and intercompany consents required for the issuance.

A press release is included as Exhibit 99.1, suggesting public disclosure accompanied these contract filings.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 30, 2025

VENUS CONCEPT INC.

(Exact name of registrant as specified in its charter)

Delaware	001-38238	06-1681204
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

235 Yorkland Blvd, Suite 900

Toronto, Ontario M2J 4Y8

(Address of principal executive offices, including Zip Code)

Registrant’s telephone number, including area code: (877) 848-8430

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.0001 par value per share		VERO		The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

Exchange Agreement

On September 30, 2025, Venus Concept Inc. (the “Company”) entered into an Exchange Agreement (the “Exchange Agreement”) with Madryn Health Partners, LP (“Madryn”) and Madryn Health Partners (Cayman Master), LP (“Madryn Cayman,” and together with Madryn, the “Holders”), pursuant to which the Holders agreed to exchange (the “Exchange”):

(i) that certain Secured Subordinated Convertible Note issued by the Company in favor of Madryn, dated June 30, 2025, in the original principal amount of $4,105,696.60 (the “Existing Madryn Note”), for  201,774 shares of the Company’s convertible preferred stock, par value $0.0001 per share, designated as “Series Y Convertible Preferred Stock” (the “Series Y Preferred Stock”), to be issued by the Company to Madryn (the “Madryn Shares”); and

(ii) that certain Secured Subordinated Convertible Note issued by the Company in favor of Madryn Cayman, dated June 30, 2025 (the “Existing Madryn Cayman Note,” and together with the Existing Madryn Note, the “Existing Notes”), in the original principal amount of $6,990,782.23, for 343,561 shares of Series Y Preferred Stock to be issued by the Company to Madryn Cayman (the “Madryn Cayman Shares,” and together with the Madryn Shares, the “Preferred Shares”).

The Exchange closed on September 30, 2025.

The Preferred Shares were priced at $21.05 per share, being equal to the product of (i) the average closing price (as reflected on Nasdaq.com) of the Company’s common stock, par value $0.0001 per share (“Common Stock”), for the five trading days immediately preceding the date of the Exchange Agreement, multiplied by (ii) 9.0909 (being the number of shares of Common Stock into which each Preferred Share converts). At the next annual or special meeting of shareholders of the Company, or such later date as agreed by the parties, the Company is required to include in the proxy materials for such meeting a proposal for the purpose of eliminating any limitations on the convertibility of the Series Y Preferred Stock under the rules and regulations of the Nasdaq Stock Market LLC.

The Exchange Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company, including for liabilities under the Securities Act of 1933, as amended (the “Securities Act”), and other obligations of the parties. The representations, warranties, and covenants contained in the Exchange Agreement were made only for purposes of such agreement and are made as of specific dates; are solely for the benefit of the parties (except as specifically set forth therein); may be subject to qualifications and limitations agreed upon by the parties in connection with negotiating the terms of the Exchange Agreement, including being qualified by confidential disclosures made for the purpose of allocating contractual risk between the parties, instead of establishing matters as facts; and may be subject to standards of materiality and knowledge applicable to the contracting parties that differ from those applicable to the investors generally. Investors should not rely on the representations, warranties, and covenants or any description thereof as characterizations of the actual state of facts or condition of the Company.

The Preferred Shares, as well as the shares of Common Stock issuable upon conversion thereof, have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an exemption therefrom. To consummate the Exchange, the Company relied the registration exemption provided by Section 3(a)(9) of the Securities Act. To effectuate conversions of the shares of Series Y Preferred Stock, the Company will rely on the private placement provided by Section 4(a)(2) of the Securities Act and by Rule 506 of Regulation D, promulgated by the U.S. Securities and Exchange Commission (the “SEC”).

The foregoing description of the Exchange Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Exchange Agreement, a copy of which is filed hereto as Exhibit 10.1.

Fourth Amended and Restated Registration Rights Agreement

On September 30, 2025, as required by the Exchange Agreement, the Company and the Holders entered into a fourth amendment and restatement of the Amended and Restated Resale Registration Rights Agreement, as previously entered into among the parties on September 26, 2024 (the “Fourth Amended and Restated Registration Rights Agreement”). Under the Fourth Amended and Restated Registration Rights Agreement, the Company is required, among other things, to file a shelf resale registration statement with respect to the shares of Common Stock issuable upon conversion of the shares of Series Y Preferred Stock with the SEC within 60 days following the conversion of all of the issued and outstanding Series Y Preferred Stock into Common Stock. The Company also granted customary demand and piggyback registration right to the Holders. The Fourth Amended and Restated Registration Rights Agreement contains other terms and conditions customary for a transaction of this type.

The foregoing description of the Fourth Amended and Restated Registration Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Fourth Amended and Restated Registration Rights Agreement, a copy of which is filed hereto as Exhibit 10.2.

MSLP Consent Agreement

On September 30, 2025,  the Company, Venus Concept USA, Inc., a wholly owned subsidiary of the Company (“Venus USA”), Venus Concept Canada Corp., a wholly owned Canadian subsidiary of the Company (“Venus Canada”), and Venus Concept Ltd., a wholly owned Israeli subsidiary of the Company (“Venus Israel” and together with the Company, Venus USA and Venus Canada, the “Loan Parties”), entered into a Consent Agreement with the Holders (the “MSLP Consent Agreement”).

The MSLP Consent Agreement granted relief under the Loan and Security Agreement (Main Street Priority Loan), dated December 8, 2020, among the Holders, as lenders, and Venus USA, as borrower (the “MSLP Loan Agreement”), such that (i) certain minimum liquidity requirements under the MSLP Loan Agreement are waived through October 31, 2025, and (ii) Venus USA is permitted to apply the October 8, 2025 cash interest payment due under each Note (as defined in the MSLP Consent Agreement) to the respective outstanding principal balance of each Note.

The foregoing description of the MSLP Consent Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the MSLP Consent Agreement, a copy of which is filed hereto as Exhibit 10.3.

Twentieth Bridge Loan Amendment

On September 30, 2025, the Loan Parties entered into a Twentieth Bridge Loan Amendment Agreement with the Holders (the “Twentieth Bridge Loan Amendment”). The Twentieth Bridge Loan Amendment amended that certain Loan and Security Agreement, dated as of April 23, 2024, among Venus USA, as borrower; the Company, Venus Canada and Venus Israel, as guarantors; and the Holders, as lenders (as amended from time to time, the “Bridge Loan”), to extend the maturity date of the Bridge Loan from September 30, 2025 to October 31, 2025 and increase the delayed draw commitment from $21,000,000 to $26,000,000.

The foregoing description of the Twentieth Bridge Loan Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Twentieth Bridge Loan Amendment, a copy of which is filed hereto as Exhibit 10.4.

Item 3.02. Unregistered Sales of Equity Securities.

The information contained in Item 1.01 of this Current Report on Form 8-K pertaining to the issuance of the Preferred Shares is incorporated by reference into this Item 3.02.

Item 5.03. Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year.

Amendment to Certificate of Designations of Series Y Preferred Stock

On September 30, 2025, as required by the Exchange Agreement, the Company filed a Certificate of Amendment with the Secretary of State of the State of Delaware (the “Series Y Amendment”), thereby amending the Certificate of Designations with respect to the Series Y Preferred Stock, as previously filed with the Secretary of State of the State of Delaware on May 24, 2024 and as previously amended on September 26, 2024, March 31, 2025, June 30, 2025 and August 6, 2025 (the “Series Y COD”). The Series Y Amendment amended the Series Y COD to, among other things, increase the authorized shares of Series Y Preferred Stock from 1,500,000 to 2,100,000. The Series Y Amendment became effective with the Secretary of State of the State of Delaware upon filing.

Item 7.01. Regulation FD Disclosure.

On October 2, 2025, the Company issued a press release regarding the Exchange and related transactions. A copy of the press release is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Item 7.01, including Exhibit 99.1 incorporated by reference herein, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor incorporated by reference in any filing under the Securities or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Cautionary Statement Regarding Forward-Looking Statements

This Current Report on Form 8-K contains “forward-looking” statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Any statements contained herein that are not of historical facts may be deemed to be forward-looking statements. In some cases, readers can identify these statements by words such as such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, forecasts, and projections about the Company’s business and the industry in which the Company operates and management's beliefs and assumptions and are not guarantees of future performance or developments and involve known and unknown risks, uncertainties, and other factors that are in some cases beyond the Company’s control. As a result, any or all of the Company’s forward-looking statements in this Current Report on Form 8-K may turn out to be inaccurate. Factors that could materially affect the Company’s business operations and financial performance and condition include, but are not limited to, general economic conditions and involve risks and uncertainties that may cause results to differ materially from those set forth in the statements and those risks and uncertainties described under Part I Item 1A—“Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and under Part II Item 1A—“Risk Factors” in the Company’s subsequently-filed Quarterly Reports on Form 10-Q. Readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. The forward-looking statements are based on information available to the Company as of the date of this Current Report on Form 8-K. Unless required by law, the Company does not intend to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise.

Item 9.01. Financial Statements and Exhibits.

Exhibit No.		Description
3.1		Certificate of Amendment of Series Y Convertible Preferred Stock, dated September 30, 2025
10.1		Exchange Agreement, dated September 30, 2025, by and among Venus Concept Inc., Madryn Health Partners, LP and Madryn Health Partners (Cayman Master), LP
10.2		Fourth Amended and Restated Registration Rights Agreement, dated September 30, 2025, by and among Venus Concept Inc., Madryn Health Partners, LP and Madryn Health Partners (Cayman Master), LP
10.3		Consent Agreement, dated September 30, 2025, by and among Venus Concept Inc., Venus Concept Canada Corp., Venus Concept USA Inc., Venus Concept Ltd., Madryn Health Partners, LP and Madryn Health Partners (Cayman Master), LP
10.4		Twentieth Bridge Loan Amendment Agreement dated September 30, 2025, by and among Venus Concept Inc., Madryn Health Partners, LP and Madryn Health Partners (Cayman Master), LP
99.1		Press release, dated October 2, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	VENUS CONCEPT INC.
Date: October 2, 2025	By:	/s/ Domenic Della Penna
		Domenic Della Penna
		Chief Financial Officer

FAQ

What did Venus Concept (VERO) agree to exchange with Madryn?

Venus Concept agreed to exchange a secured subordinated convertible note with an original principal of $4,105,696.60 for 201,774 shares of Series Y Convertible Preferred Stock.

How many Series Y preferred shares will be issued to Madryn?

The company will issue 201,774 shares of Series Y Convertible Preferred Stock to Madryn.

Which agreements and exhibits were filed related to the transaction?

Filed exhibits include a Certificate of Amendment, an Exchange Agreement, a Fourth Amended and Restated Registration Rights Agreement, a Consent Agreement, a Twentieth Bridge Loan Amendment, and a press release.

Does the filing show changes to the company charter or registration rights?

Yes. The filing includes a Certificate of Amendment for the Series Y preferred and an amended Registration Rights Agreement reflecting related charter and registration changes.

Is there a public disclosure accompanying the agreements?

Yes. A press release dated October 2, 2025 is included as Exhibit 99.1.