[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 liquidit脿 a breve termine e riallineare la sua struttura patrimoniale.
Il 30 giugno 2025 la Societ脿 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鈥檕perazione riduce immediatamente il capitale del debito di circa 5,9 milioni di dollari, sposta una parte dell鈥檈sposizione 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 Societ脿 a presentare una registrazione a scaffale per le azioni di conversione entro 60 giorni dalla conversione di tutte le azioni privilegiate.
Parallelamente, la Societ脿 e Madryn hanno eseguito diversi accordi di consenso e modifica: (1) rinuncia ai covenant di liquidit脿 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鈥�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. Sar脿 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 liquidit脿, con diverse scadenze chiave ora rinviate solo a fine luglio 2025.
Venus Concept Inc. (NASDAQ: VERO) ha completado una serie de enmiendas financieras relacionadas dise帽adas para aliviar la presi贸n de liquidez a corto plazo y realinear su estructura de capital.
El 30 de junio de 2025, la Compa帽铆a ejecut贸 un Acuerdo de Intercambio con su prestamista senior Madryn Health Partners. Dos pagar茅s convertibles subordinados garantizados existentes con un principal agregado de 17,0 millones de d贸lares fueron intercambiados por (i) nuevos pagar茅s por un total de 11,1 millones de d贸lares y (ii) 325,651 acciones reci茅n emitidas de la Serie Y de acciones preferentes convertibles valoradas en 19,96 d贸lares por acci贸n. Cada acci贸n preferente se convierte en 9,0909 acciones comunes, lo que implica una posible emisi贸n de aproximadamente 3,0 millones de acciones comunes adicionales una vez que se levanten los l铆mites de conversi贸n.
La transacci贸n reduce inmediatamente el principal de la deuda en aproximadamente 5,9 millones de d贸lares, convierte una parte de la exposici贸n del prestamista en capital y no requiere registro bajo la Secci贸n 3(a)(9). Un Tercer Acuerdo Modificado y Restablecido de Derechos de Registro obliga a la Compa帽铆a a presentar un registro en estanter铆a para las acciones de conversi贸n dentro de los 60 d铆as posteriores a la conversi贸n de todas las acciones preferentes.
Simult谩neamente, la Compa帽铆a y Madryn ejecutaron varios acuerdos de consentimiento y enmienda: (1) renuncia a los convenios de liquidez m铆nima tanto en el Pr茅stamo Prioritario Main Street como en los nuevos pagar茅s 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 Pr茅stamo Puente que extiende el vencimiento un mes hasta el 31 de julio de 2025.
Para apoyar la mayor emisi贸n preferente, Venus present贸 un Certificado de Enmienda aumentando las acciones autorizadas de la Serie Y de 1.2 millones a 1.5 millones. Se buscar谩 una votaci贸n de accionistas para eliminar los l铆mites de conversi贸n relacionados con Nasdaq.
En general, el paquete proporciona alivio temporal de los convenios y una modesta reducci贸n de la deuda, pero a帽ade una posible diluci贸n 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)電� 雼赴 鞙犽彊靹� 鞎曤皶鞚� 鞕勴檾頃橁碃 鞛愲掣 甑“毳� 鞛“鞝曧晿旮� 鞙勴暅 鞚茧牗鞚� 甏�霠� 旮堨湹 靾橃爼 鞛戩梾鞚� 鞕勲頄堨姷雼堧嫟.
2025雲� 6鞗� 30鞚�, 須岇偓電� 欤检殧 雽�於滌瀽鞚� Madryn Health Partners鞕� 甑愴櫂 瓿勳暯鞚� 觳搓舶頄堨姷雼堧嫟. 齑� 鞗愱笀 1,700毵� 雼煬鞚� 旮办〈 雼措炒 頃橃渼 鞝勴櫂靷眲 霊� 瓯挫澊 (i) 齑� 1,110毵� 雼煬鞚� 鞁犼窚 鞎届啀鞏挫潓瓿� (ii) 欤茧嫻 19.96雼煬搿� 臧�瓴╈澊 毂呾爼霅� 鞁犼窚 氚滍枆霅� 鞁滊Μ歃� Y 鞝勴櫂 鞖办劆欤� 325,651欤�搿� 甑愴櫂霅橃棃鞀惦媹雼�. 臧� 鞖办劆欤茧姅 9.0909 氤错喌欤茧 鞝勴櫂霅橂┌, 鞝勴櫂 鞝滍暅鞚� 頃挫牅霅橂┐ 鞎� 300毵� 欤检潣 於旉皜 氤错喌欤�臧� 氚滍枆霅� 靾� 鞛堨姷雼堧嫟.
鞚措矆 瓯半灅電� 歃夓嫓 攵�毂� 鞗愱笀鞚� 鞎� 590毵� 雼煬 欷勳澊瓿�, 雽�於滌瀽鞚� 鞚茧秬 雲胳稖鞚� 欤检嫕鞙茧 鞝勴櫂頃橂┌, 靹轨厴 3(a)(9)鞐� 霐半ジ 霌彪 鞖旉贝鞚� 鞐嗢姷雼堧嫟. 鞝�3彀� 靾橃爼 氚� 鞛檿鞚� 霌彪 甓岆Μ 瓿勳暯鞚� 氇摖 鞖办劆欤缄皜 鞝勴櫂霅� 頉� 60鞚� 鞚措偞鞐� 鞝勴櫂 欤检嫕鞐� 雽�頃� 靹犽皹 霌彪鞚� 鞝滌稖頃橂弰搿� 須岇偓鞐� 鞚橂頇旐暕雼堧嫟.
霃欖嫓鞐� 須岇偓鞕� Madryn鞚� 鞐煬 霃欖潣 氚� 靾橃爼 瓿勳暯鞚� 觳搓舶頄堨姷雼堧嫟: (1) 2025雲� 7鞗� 31鞚缄箤歆� 氅旍澑 鞀ろ姼毽姼 鞖办劆 雽�於滉臣 鞁犼窚 鞎届啀鞏挫潓 氇憪鞐� 雽�頃� 斓滌唽 鞙犽彊靹� 鞎届爼 氅挫牅, (2) 2025雲� 7鞗� 8鞚� 鞚挫瀽 歆�旮夓暋鞚� 鞗愱笀鞐� 鞝侅毄頃橂姅 項堦皜, (3) 毵岅赴毳� 頃� 雼� 鞐办灔頃橃棳 2025雲� 7鞗� 31鞚缄箤歆�搿� 頃橂姅 敫岆Μ歆� 搿� 16彀� 靾橃爼.
雿� 韥� 鞖办劆欤� 氚滍枆鞚� 歆�鞗愴晿旮� 鞙勴暣 Venus電� 鞁滊Μ歃� Y 鞀轨澑 欤检嫕 靾橂ゼ 120毵� 欤检棎靹� 150毵� 欤茧 電橂Μ電� 靾橃爼 歃濍獏靹�毳� 鞝滌稖頄堨姷雼堧嫟. Nasdaq 甏�霠� 鞝勴櫂 鞝滍暅鞚� 鞝滉卑頃橁赴 鞙勴暅 欤检＜ 韴憸臧� 歆勴枆霅� 鞓堨爼鞛呺媹雼�.
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Venus Concept Inc. (NASDAQ : VERO) a finalis茅 une s茅rie d'amendements financiers li茅s visant 脿 all茅ger la pression sur la liquidit茅 脿 court terme et 脿 r茅aligner sa structure de capital.
Le 30 juin 2025, la Soci茅t茅 a conclu un Accord d'脡change avec son pr锚teur principal Madryn Health Partners. Deux billets convertibles subordonn茅s garantis existants, d'un principal total de 17,0 millions de dollars, ont 茅t茅 茅chang茅s contre (i) de nouveaux billets 脿 ordre totalisant 11,1 millions de dollars et (ii) 325 651 actions nouvellement 茅mises de la s茅rie Y d'actions privil茅gi茅es convertibles au prix de 19,96 dollars par action. Chaque action privil茅gi茅e se convertit en 9,0909 actions ordinaires, ce qui implique une 茅mission potentielle d'environ 3,0 millions d'actions ordinaires suppl茅mentaires une fois les limites de conversion lev茅es.
La transaction r茅duit imm茅diatement le principal de la dette d'environ 5,9 millions de dollars, transforme une partie de l'exposition du pr锚teur en actions et ne n茅cessite pas d'enregistrement en vertu de la section 3(a)(9). Un troisi猫me accord modifi茅 et r茅tabli concernant les droits d'enregistrement oblige la Soci茅t茅 脿 d茅poser un enregistrement en 茅tag猫re pour les actions de conversion dans les 60 jours suivant la conversion de toutes les actions privil茅gi茅es.
Parall猫lement, la Soci茅t茅 et Madryn ont sign茅 plusieurs accords de consentement et d'amendement : (1) renonciation aux engagements de liquidit茅 minimale sur le pr锚t prioritaire Main Street et les nouveaux billets jusqu'au 31 juillet 2025, (2) autorisation d'appliquer le paiement des int茅r锚ts du 8 juillet 2025 au principal, et (3) une seizi猫me modification du pr锚t relais prolongeant l'茅ch茅ance d'un mois jusqu'au 31 juillet 2025.
Pour soutenir la plus grande 茅mission d'actions privil茅gi茅es, Venus a d茅pos茅 un certificat d'amendement augmentant les actions autoris茅es de la s茅rie Y de 1,2 million 脿 1,5 million. Un vote des actionnaires sera demand茅 pour supprimer les limites de conversion li茅es au Nasdaq.
Dans l'ensemble, ce dispositif offre un soulagement temporaire des engagements et une r茅duction mod茅r茅e de la dette, mais ajoute une dilution potentielle des actions et souligne les contraintes de liquidit茅 persistantes, plusieurs 茅ch茅ances cl茅s 茅tant d茅sormais report茅es uniquement 脿 la fin juillet 2025.
Venus Concept Inc. (NASDAQ: VERO) hat eine Reihe von Finanzierungs盲nderungen abgeschlossen, um den kurzfristigen Liquidit盲tsdruck 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 H枚he 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 zus盲tzlichen Stammaktien bedeutet, sobald die Umwandlungsbeschr盲nkungen 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 gem盲脽 Abschnitt 3(a)(9). Eine dritte ge盲nderte und neu gefasste Vereinbarung 眉ber Registrierungsrechte verpflichtet das Unternehmen, innerhalb von 60 Tagen nach Umwandlung aller Vorzugsaktien eine Shelf-Registrierung f眉r die Umwandlungsaktien einzureichen.
Gleichzeitig f眉hrten das Unternehmen und Madryn mehrere Zustimmungs- und 脛nderungsvereinbarungen durch: (1) Verzicht auf Mindestliquidit盲tsklauseln sowohl f眉r den Main Street Priority Loan als auch f眉r die neuen Schuldscheine bis zum 31. Juli 2025, (2) Erlaubnis, die Zinszahlung am 8. Juli 2025 auf die Hauptschuld anzurechnen, und (3) eine sechzehnte 脛nderung des Bridge Loans, die die F盲lligkeit um einen Monat bis zum 31. Juli 2025 verl盲ngert.
Zur Unterst眉tzung der gr枚脽eren Vorzugsaktienausgabe reichte Venus ein 脛nderungszertifikat ein, das die autorisierten Serie-Y-Aktien von 1,2 Millionen auf 1,5 Millionen erh枚ht. Eine Aktion盲rsabstimmung wird angestrebt, um die Nasdaq-bezogenen Umwandlungsbeschr盲nkungen aufzuheben.
Insgesamt bietet das Paket kurzfristige Erleichterungen bei den Covenants und eine moderate Schuldenreduzierung, bringt jedoch potenzielle Eigenkapitalverw盲sserung mit sich und unterstreicht die anhaltenden Liquidit盲tsengp盲sse, wobei mehrere wichtige F盲lligkeiten 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 鈥� 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鈥檚 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鈥攁bout 15-20 % of the current float鈥攕etting 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 鈥� 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 liquidit脿 a breve termine e riallineare la sua struttura patrimoniale.
Il 30 giugno 2025 la Societ脿 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鈥檕perazione riduce immediatamente il capitale del debito di circa 5,9 milioni di dollari, sposta una parte dell鈥檈sposizione 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 Societ脿 a presentare una registrazione a scaffale per le azioni di conversione entro 60 giorni dalla conversione di tutte le azioni privilegiate.
Parallelamente, la Societ脿 e Madryn hanno eseguito diversi accordi di consenso e modifica: (1) rinuncia ai covenant di liquidit脿 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鈥�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. Sar脿 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 liquidit脿, con diverse scadenze chiave ora rinviate solo a fine luglio 2025.
Venus Concept Inc. (NASDAQ: VERO) ha completado una serie de enmiendas financieras relacionadas dise帽adas para aliviar la presi贸n de liquidez a corto plazo y realinear su estructura de capital.
El 30 de junio de 2025, la Compa帽铆a ejecut贸 un Acuerdo de Intercambio con su prestamista senior Madryn Health Partners. Dos pagar茅s convertibles subordinados garantizados existentes con un principal agregado de 17,0 millones de d贸lares fueron intercambiados por (i) nuevos pagar茅s por un total de 11,1 millones de d贸lares y (ii) 325,651 acciones reci茅n emitidas de la Serie Y de acciones preferentes convertibles valoradas en 19,96 d贸lares por acci贸n. Cada acci贸n preferente se convierte en 9,0909 acciones comunes, lo que implica una posible emisi贸n de aproximadamente 3,0 millones de acciones comunes adicionales una vez que se levanten los l铆mites de conversi贸n.
La transacci贸n reduce inmediatamente el principal de la deuda en aproximadamente 5,9 millones de d贸lares, convierte una parte de la exposici贸n del prestamista en capital y no requiere registro bajo la Secci贸n 3(a)(9). Un Tercer Acuerdo Modificado y Restablecido de Derechos de Registro obliga a la Compa帽铆a a presentar un registro en estanter铆a para las acciones de conversi贸n dentro de los 60 d铆as posteriores a la conversi贸n de todas las acciones preferentes.
Simult谩neamente, la Compa帽铆a y Madryn ejecutaron varios acuerdos de consentimiento y enmienda: (1) renuncia a los convenios de liquidez m铆nima tanto en el Pr茅stamo Prioritario Main Street como en los nuevos pagar茅s 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 Pr茅stamo Puente que extiende el vencimiento un mes hasta el 31 de julio de 2025.
Para apoyar la mayor emisi贸n preferente, Venus present贸 un Certificado de Enmienda aumentando las acciones autorizadas de la Serie Y de 1.2 millones a 1.5 millones. Se buscar谩 una votaci贸n de accionistas para eliminar los l铆mites de conversi贸n relacionados con Nasdaq.
En general, el paquete proporciona alivio temporal de los convenios y una modesta reducci贸n de la deuda, pero a帽ade una posible diluci贸n 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)電� 雼赴 鞙犽彊靹� 鞎曤皶鞚� 鞕勴檾頃橁碃 鞛愲掣 甑“毳� 鞛“鞝曧晿旮� 鞙勴暅 鞚茧牗鞚� 甏�霠� 旮堨湹 靾橃爼 鞛戩梾鞚� 鞕勲頄堨姷雼堧嫟.
2025雲� 6鞗� 30鞚�, 須岇偓電� 欤检殧 雽�於滌瀽鞚� Madryn Health Partners鞕� 甑愴櫂 瓿勳暯鞚� 觳搓舶頄堨姷雼堧嫟. 齑� 鞗愱笀 1,700毵� 雼煬鞚� 旮办〈 雼措炒 頃橃渼 鞝勴櫂靷眲 霊� 瓯挫澊 (i) 齑� 1,110毵� 雼煬鞚� 鞁犼窚 鞎届啀鞏挫潓瓿� (ii) 欤茧嫻 19.96雼煬搿� 臧�瓴╈澊 毂呾爼霅� 鞁犼窚 氚滍枆霅� 鞁滊Μ歃� Y 鞝勴櫂 鞖办劆欤� 325,651欤�搿� 甑愴櫂霅橃棃鞀惦媹雼�. 臧� 鞖办劆欤茧姅 9.0909 氤错喌欤茧 鞝勴櫂霅橂┌, 鞝勴櫂 鞝滍暅鞚� 頃挫牅霅橂┐ 鞎� 300毵� 欤检潣 於旉皜 氤错喌欤�臧� 氚滍枆霅� 靾� 鞛堨姷雼堧嫟.
鞚措矆 瓯半灅電� 歃夓嫓 攵�毂� 鞗愱笀鞚� 鞎� 590毵� 雼煬 欷勳澊瓿�, 雽�於滌瀽鞚� 鞚茧秬 雲胳稖鞚� 欤检嫕鞙茧 鞝勴櫂頃橂┌, 靹轨厴 3(a)(9)鞐� 霐半ジ 霌彪 鞖旉贝鞚� 鞐嗢姷雼堧嫟. 鞝�3彀� 靾橃爼 氚� 鞛檿鞚� 霌彪 甓岆Μ 瓿勳暯鞚� 氇摖 鞖办劆欤缄皜 鞝勴櫂霅� 頉� 60鞚� 鞚措偞鞐� 鞝勴櫂 欤检嫕鞐� 雽�頃� 靹犽皹 霌彪鞚� 鞝滌稖頃橂弰搿� 須岇偓鞐� 鞚橂頇旐暕雼堧嫟.
霃欖嫓鞐� 須岇偓鞕� Madryn鞚� 鞐煬 霃欖潣 氚� 靾橃爼 瓿勳暯鞚� 觳搓舶頄堨姷雼堧嫟: (1) 2025雲� 7鞗� 31鞚缄箤歆� 氅旍澑 鞀ろ姼毽姼 鞖办劆 雽�於滉臣 鞁犼窚 鞎届啀鞏挫潓 氇憪鞐� 雽�頃� 斓滌唽 鞙犽彊靹� 鞎届爼 氅挫牅, (2) 2025雲� 7鞗� 8鞚� 鞚挫瀽 歆�旮夓暋鞚� 鞗愱笀鞐� 鞝侅毄頃橂姅 項堦皜, (3) 毵岅赴毳� 頃� 雼� 鞐办灔頃橃棳 2025雲� 7鞗� 31鞚缄箤歆�搿� 頃橂姅 敫岆Μ歆� 搿� 16彀� 靾橃爼.
雿� 韥� 鞖办劆欤� 氚滍枆鞚� 歆�鞗愴晿旮� 鞙勴暣 Venus電� 鞁滊Μ歃� Y 鞀轨澑 欤检嫕 靾橂ゼ 120毵� 欤检棎靹� 150毵� 欤茧 電橂Μ電� 靾橃爼 歃濍獏靹�毳� 鞝滌稖頄堨姷雼堧嫟. Nasdaq 甏�霠� 鞝勴櫂 鞝滍暅鞚� 鞝滉卑頃橁赴 鞙勴暅 欤检＜ 韴憸臧� 歆勴枆霅� 鞓堨爼鞛呺媹雼�.
鞝勲皹鞝侅溂搿� 鞚措矆 韺偆歆�電� 雼赴 鞎届爼 鞕勴檾鞕� 鞝侂嫻頃� 攵�毂� 臧愳稌鞚� 鞝滉车頃橃毵�, 鞛犾灛鞝侅澑 欤检嫕 頋劃鞚� 靾橂皹頃橂┌ 歆�靻嶌爜鞚� 鞙犽彊靹� 鞝滌暯鞚� 臧曥“頃╇媹雼�. 鞐煬 欤检殧 毵岅赴臧� 2025雲� 7鞗� 毵愲 鞐瓣赴霅� 靸來儨鞛呺媹雼�.
Venus Concept Inc. (NASDAQ : VERO) a finalis茅 une s茅rie d'amendements financiers li茅s visant 脿 all茅ger la pression sur la liquidit茅 脿 court terme et 脿 r茅aligner sa structure de capital.
Le 30 juin 2025, la Soci茅t茅 a conclu un Accord d'脡change avec son pr锚teur principal Madryn Health Partners. Deux billets convertibles subordonn茅s garantis existants, d'un principal total de 17,0 millions de dollars, ont 茅t茅 茅chang茅s contre (i) de nouveaux billets 脿 ordre totalisant 11,1 millions de dollars et (ii) 325 651 actions nouvellement 茅mises de la s茅rie Y d'actions privil茅gi茅es convertibles au prix de 19,96 dollars par action. Chaque action privil茅gi茅e se convertit en 9,0909 actions ordinaires, ce qui implique une 茅mission potentielle d'environ 3,0 millions d'actions ordinaires suppl茅mentaires une fois les limites de conversion lev茅es.
La transaction r茅duit imm茅diatement le principal de la dette d'environ 5,9 millions de dollars, transforme une partie de l'exposition du pr锚teur en actions et ne n茅cessite pas d'enregistrement en vertu de la section 3(a)(9). Un troisi猫me accord modifi茅 et r茅tabli concernant les droits d'enregistrement oblige la Soci茅t茅 脿 d茅poser un enregistrement en 茅tag猫re pour les actions de conversion dans les 60 jours suivant la conversion de toutes les actions privil茅gi茅es.
Parall猫lement, la Soci茅t茅 et Madryn ont sign茅 plusieurs accords de consentement et d'amendement : (1) renonciation aux engagements de liquidit茅 minimale sur le pr锚t prioritaire Main Street et les nouveaux billets jusqu'au 31 juillet 2025, (2) autorisation d'appliquer le paiement des int茅r锚ts du 8 juillet 2025 au principal, et (3) une seizi猫me modification du pr锚t relais prolongeant l'茅ch茅ance d'un mois jusqu'au 31 juillet 2025.
Pour soutenir la plus grande 茅mission d'actions privil茅gi茅es, Venus a d茅pos茅 un certificat d'amendement augmentant les actions autoris茅es de la s茅rie Y de 1,2 million 脿 1,5 million. Un vote des actionnaires sera demand茅 pour supprimer les limites de conversion li茅es au Nasdaq.
Dans l'ensemble, ce dispositif offre un soulagement temporaire des engagements et une r茅duction mod茅r茅e de la dette, mais ajoute une dilution potentielle des actions et souligne les contraintes de liquidit茅 persistantes, plusieurs 茅ch茅ances cl茅s 茅tant d茅sormais report茅es uniquement 脿 la fin juillet 2025.
Venus Concept Inc. (NASDAQ: VERO) hat eine Reihe von Finanzierungs盲nderungen abgeschlossen, um den kurzfristigen Liquidit盲tsdruck 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 H枚he 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 zus盲tzlichen Stammaktien bedeutet, sobald die Umwandlungsbeschr盲nkungen 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 gem盲脽 Abschnitt 3(a)(9). Eine dritte ge盲nderte und neu gefasste Vereinbarung 眉ber Registrierungsrechte verpflichtet das Unternehmen, innerhalb von 60 Tagen nach Umwandlung aller Vorzugsaktien eine Shelf-Registrierung f眉r die Umwandlungsaktien einzureichen.
Gleichzeitig f眉hrten das Unternehmen und Madryn mehrere Zustimmungs- und 脛nderungsvereinbarungen durch: (1) Verzicht auf Mindestliquidit盲tsklauseln sowohl f眉r den Main Street Priority Loan als auch f眉r die neuen Schuldscheine bis zum 31. Juli 2025, (2) Erlaubnis, die Zinszahlung am 8. Juli 2025 auf die Hauptschuld anzurechnen, und (3) eine sechzehnte 脛nderung des Bridge Loans, die die F盲lligkeit um einen Monat bis zum 31. Juli 2025 verl盲ngert.
Zur Unterst眉tzung der gr枚脽eren Vorzugsaktienausgabe reichte Venus ein 脛nderungszertifikat ein, das die autorisierten Serie-Y-Aktien von 1,2 Millionen auf 1,5 Millionen erh枚ht. Eine Aktion盲rsabstimmung wird angestrebt, um die Nasdaq-bezogenen Umwandlungsbeschr盲nkungen aufzuheben.
Insgesamt bietet das Paket kurzfristige Erleichterungen bei den Covenants und eine moderate Schuldenreduzierung, bringt jedoch potenzielle Eigenkapitalverw盲sserung mit sich und unterstreicht die anhaltenden Liquidit盲tsengp盲sse, wobei mehrere wichtige F盲lligkeiten 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.
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Terms |
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Issuer: |
Morgan Stanley Finance LLC |
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Guarantor: |
Morgan Stanley |
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Underliers: |
Dow Jones Industrial AverageSM (INDU), Nasdaq-100 Index® (NDX) and Russell 2000® Index (RTY) |
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Upside payment: |
$475 to $495 per security (47.50% to 49.50% of the stated principal amount) |
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Downside threshold level: |
70% of the initial level for each underlier |
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Pricing date: |
July 31, 2025 |
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Observation date: |
July 31, 2030 |
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Maturity date: |
August 5, 2030 |
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CUSIP: |
61778K7M3 |
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Estimated value: |
$949.70 per security, or within $55.00 of that estimate |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225036057/ms9030_424b2-19724.htm |
1All payments are subject to our credit risk
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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.
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% Change in Closing Level of the Worst Performing Underlier |
Payment at Maturity per Security |
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+100.00% |
$1,475.00* |
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+80.00% |
$1,475.00* |
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+60.00% |
$1,475.00* |
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+40.00% |
$1,475.00* |
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+20.00% |
$1,475.00* |
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0.00% |
$1,475.00* |
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-20.00% |
$1,475.00* |
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-30.00% |
$1,475.00* |
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-31.00% |
$690.00 |
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-40.00% |
$600.00 |
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-60.00% |
$400.00 |
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-80.00% |
$200.00 |
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-100.00% |
$0.00 |
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*Assumes an upside payment of $475 per security |
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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.
Source:
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?
