The shareholders voted on nine proposals at the company’s annual meeting last week, and the proposals that put the merger into effect were approved by approximately 85% of the outstanding shares, according to a news release.
San Jose, Calif.-based Restoration Robotics said it expects the closing of the merger with Venus Concept, an aesthetic technology company, to take place before the end of this month.
On March 15, the companies entered into a definitive merger agreement to combine the two companies in an all-stock transaction. The merger, which is subject to customary closing conditions, is expected to close in the third quarter of 2019, according to The Robot Report.
Restoration Robotics is developing and commercializing the Artas and Artas iX robotic hair restoration systems, the first and only physician-assisted robotic systems designed to dissect and assist in the harvesting of follicular units directly from the scalp and create implant sites to robotically implant the follicles at those sites. The Artas iX won CE Mark approval in August.
Shares of HAIR were down -7.5% at 47¢ per share in early-morning trading today.