Benzinga | Mar 22, 2021 04:36PM EDT

Venus Concept Inc Announces On March 4, It's Chinese Unit Received Notice From Market Supervision And Administration Bureau Of Xuhui District, Shanghai

On March 4, 2021, the Company's Chinese subsidiary, Venus Concept (Shanghai) Co., Ltd. ("Venus Concept China") received a Notice of Administrative Punishment Hearing (the "Notice") from the Market Supervision and Administration Bureau of Xuhui District, Shanghai (the "XMSA") relating to the XMSA's administrative investigation into Venus Concept China's sale of the Venus Versa device from September 2018 to April 2019. Among other things, the Notice proposed an administrative monetary penalty of RMB 975,820.29 (approximately $150,000.00 USD) and provided Venus Concept China a period of three business days within which to exercise its right of defence. On March 8, 2021, Venus Concept China informed the XMSA that it would waive its right of defence and accept the proposed penalty.



On March 19, 2021, the Company and Venus Concept China received the final administrative penalty decision and payment instruction from the XMSA. Payment of the penalty was made by Venus Concept China on March 19, 2021. This matter is now resolved and closed by the XMSA.



For additional information on the litigation, see "Part II. Item 1. Legal Proceedings" in the Company's Quarterly Report for the period ended September 30, 2020.



The information in this Item 8.01 (i) shall not be deemed "filed" for any purpose; and (ii) shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, regardless of any general incorporation language in such filing.