Venus Concept (NASDAQ: VERO) stock soared during intraday trading Friday after the company regained compliance with Nasdaq listing rules. However, the stock faced a sharp decline during pre-market trading on Monday, highlighting the volatility in its performance.
Venus Concept recently announced that it has received notification from the Nasdaq Stock Market LLC confirming its regained compliance with the stockholders’ equity requirement outlined in Nasdaq Listing Rule 5550(b)(1).
This development came after the company received a deficiency notice from Nasdaq on May 31, 2023, due to its stockholders’ equity falling below the minimum $2,500,000 required for continued listing. To address this shortfall, Venus Concept executed a $35 million debt-to-equity transaction on May 28, 2024, bringing the company back into compliance with Nasdaq’s minimum equity requirement. However, as per Nasdaq Listing Rule 5815(d)(4)(B), Venus Concept will undergo mandatory panel monitoring through June 4, 2025.
Simultaneously, Venus Concept reached another milestone as it received a medical device license from Health Canada for its Venus Versa Pro system. This license enables the company to market the Venus Versa Pro in Canada. The Venus Versa Pro is an advanced aesthetic platform integrating the latest technologies into one device to provide a comprehensive skin rejuvenation experience.
Venus Concept (NASDAQ: VERO) Stock Reaction
The news of Nasdaq compliance sparked a significant rally in VERO stock on Friday, surging by 58.51% and closing at $0.93, representing a 75.47% increase for the week. Trading volume soared to 69,554,368 shares, significantly higher than the average daily volume of 1.25 million.
However, the stock faced a notable downturn during pre-market trading on Monday, with VERO trading at $0.7920 as of 07:15 a.m. (Eastern Time), marking a 14.83% decrease compared to the previous trading session.
