Teligent Announces Conversion Rate Adjustment for its 7.0% Cash / 8.0% PIK Series B Senior Unsecured Convertible Notes Due 20...
04 June 2020 - 6:15AM
Teligent, Inc. (NASDAQ: TLGT) (“Teligent” or the “Company”), a New
Jersey-based specialty generic pharmaceutical company, announced
today conversion rate adjustments for the Company’s 7.0% Cash /
8.0% PIK Series B Senior Unsecured Convertible Notes Due 2023 (the
“Series B Notes”) and its 4.75% Convertible Senior Notes Due 2023
(the “4.75% Notes”). The conversion rate adjustments are being made
pursuant to the indentures governing the Series B Notes and 4.75%
Notes as a result of the Company’s previously announced one-for-ten
reverse stock split. Prior to the reverse stock split, the
conversion rates were 1,388.889 shares of Common Stock per $1,000
principal amount of the Series B Notes and 224.7191 shares of
Common Stock per $1,000 principal amount of the 4.75% Notes. As a
result of the reverse stock split, effective immediately after the
open of business on May 28, 2020, the conversion rates are 138.8897
shares of Common Stock per $1,000 principal amount of the Series B
Notes and 22.4720 shares of Common Stock per $1,000 principal
amount of the 4.75% Notes. Notice of the conversion rate
adjustments was delivered to holders of the Series B Notes and
4.75% Notes and Wilmington Trust National Association, as trustee,
in accordance with the terms of the indentures governing the Series
B Notes and 4.75% Notes.
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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