Teligent Announces One-for-Ten Reverse Stock Split
27 May 2020 - 6:30AM
Teligent, Inc. (NASDAQ: TLGT) (“Teligent” or the “Company”), a
New Jersey-based specialty generic pharmaceutical
company, announced today that as of 12:01 a.m., Eastern Time,
on May 28, 2020 it will effect a one-for-ten reverse stock split of
its outstanding common stock, which will be effective for trading
purposes as of the commencement of trading on Thursday, May 28,
2020.
At a Special Meeting of Stockholders held on January 24, 2020
the reverse stock split was approved by the Company's stockholders
to be effected at the Board’s discretion within the approved
parameters and the specific ratio was subsequently approved by the
Company's Board. The reverse stock split is intended to increase
the per share trading price of the Company's common stock to
satisfy the $1.00 minimum bid price requirement for continued
listing on The NASDAQ Capital Market although no assurance can be
given that continued listing will occur. Trading of the Company's
common stock on The Nasdaq Capital Market will continue, on a
post-split basis, with the opening of the markets on Thursday, May
28, 2020, under the existing trading symbol "TLGT" and under new
CUSIP number 87960W 203. The reverse stock split reduces the number
of shares of the Company's common stock outstanding from
approximately 53.9 million shares of common stock pre-reverse split
to approximately 5.4 million shares of common stock post-reverse
split. The number of outstanding options and warrants will also be
also adjusted accordingly. The number of authorized shares of
common stock and the par value per share will remain unchanged.
As a result of the reverse stock split, every 10 shares of the
Company's pre-reverse split common stock will be combined and
reclassified into one share of common stock. Voting rights and
other rights of common stockholders will not be affected by the
reverse stock split. No fractional shares of common stock will be
issued as a result of the reverse stock split and any fractional
shares that would otherwise be issuable as a result of the Reverse
Stock Split will be rounded up to the nearest whole share.
After the effective time of the reverse stock split,
stockholders with shares held in certificate form will receive a
Letter of Transmittal and instructions from the Teligent’s transfer
agent, American Stock Transfer & Trust LLC (AST). Stockholders
that hold shares in book-entry form or hold their shares in
brokerage accounts are not required to take any action and will see
the impact of the reverse stock split reflected in their accounts.
Beneficial holders of Teligent’s common stock are encouraged to
contact their bank, broker, custodian or other nominee with
questions regarding procedures for processing the reverse stock
split.
Additional information about the reverse stock split can be
found in the Company's Definitive Proxy Statement filed with the
Securities and Exchange Commission (SEC) on December 23, 2019, and
in the Company's Form 8-K filed with the SEC on January 27, 2020,
copies of which are available at www.sec.gov or at the
Company's website at www.teligent.com.
Forward-Looking Statements This press release
includes “forward-looking statements” within the meaning of Section
27A of the Securities Act, and Section 21E of the Securities
Exchange Act of 1934, as amended, that are intended to be covered
by the “safe harbor” created by those sections. These
forward-looking statements include, but are not limited to, plans,
objectives, expectations and intentions, and other statements
contained in this press release that are not historical facts and
statements identified by words such as “plan,” “believe,”
“continue,” “should” or words of similar meaning. Factors that
could cause actual results to differ materially from these
expectations include, but are not limited to: our inability to meet
current or future regulatory requirements in connection with
existing or future ANDAs; our inability to achieve profitability;
our failure to obtain FDA approvals as anticipated; our inability
to execute and implement our business plan and strategy; the
potential lack of market acceptance of our products; our inability
to protect our intellectual property rights; changes in global
political, economic, business, competitive, market and regulatory
factors; and our inability to successfully complete future product
acquisitions. These statements are based on our current beliefs or
expectations and are inherently subject to various risks and
uncertainties, including those set forth under the caption “Risk
Factors” in Teligent, Inc.’s most recent Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and other periodic reports we
file with the Securities and Exchange
Commission. Teligent, Inc. does not undertake any
obligation to update any forward-looking statements contained in
this document as a result of new information, future events or
otherwise, except as required by law.
Contact: |
Damian Finio |
|
Teligent, Inc. |
|
(856) 336-9117 |
|
www.teligent.com |
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