Akorn Announces Extension of Standstill Agreement
16 Dicembre 2019 - 1:51PM
Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical
company, today announced that Akorn and certain of its lenders have
reached an agreement that extends the standstill period to February
7, 2020.
Doug Boothe, Akorn’s President and Chief Executive Officer,
commented, “We are pleased to have reached this agreement, which
provides additional time for Akorn, our Board of Directors, and
advisors to evaluate strategic alternatives to address the
Company’s litigation-related liabilities and position Akorn for
long-term success. Meanwhile, we are maintaining our momentum,
investing in our business, and building on the operational
improvements we have made over the past year. I am excited about
the opportunities ahead, and I look forward to seeing Akorn reach
its full potential.”
A copy of the agreement was filed with the SEC on the Company’s
Form 8-K earlier today.
About Akorn Akorn, Inc. is a
specialty pharmaceutical company engaged in the development,
manufacture and marketing of multisource and branded
pharmaceuticals. Akorn has manufacturing facilities
located in Decatur, Illinois; Somerset, New
Jersey; Amityville, New York;
Hettlingen, Switzerland and Paonta
Sahib, India that manufacture ophthalmic, injectable and
specialty sterile and non-sterile pharmaceuticals. Additional
information is available on Akorn’s website
at www.akorn.com.
Cautionary Note Regarding Forward-Looking
StatementsThis press release contains forward-looking
statements, including statements regarding improved operational
performance, strategic alternatives, addressing the Company’s
litigation-related liabilities, and long-term success. When used in
this document, the words “will,” “target,” “expect,” “continue,”
“believe,” “seek, “anticipate,” “estimate,” “intend,” “could,”
“would,” “strives” and similar expressions are generally intended
to identify forward-looking statements. These statements are made
pursuant to the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. A number of important
factors could cause actual results of the Company and its
subsidiaries to differ materially from those indicated by such
forward-looking statements. These factors include, but are not
limited to: (i) the effect of the Delaware Court of Chancery’s
October 1, 2018 decision against the Company and the Delaware
Supreme Court’s December 7, 2018 order affirming the Chancery
Court’s decision on the Company’s ability to retain and hire key
personnel, its ability to maintain relationships with its
customers, suppliers and others with whom it does business, or its
operating results and business generally, (ii) the risk that
ongoing or future litigation against the defendants or related to
the court’s decision may result in significant costs of defense,
indemnification and/or liability, (iii) the outcome of the
investigation conducted by the Company, with the assistance of
outside consultants, into alleged breaches of FDA data integrity
requirements relating to product development at the Company and any
actions taken by the Company, third parties or the FDA as a result
of such investigations, (iv) the difficulty of predicting the
timing or outcome of product development efforts, including FDA and
other regulatory agency approvals and actions, if any, (v) the
timing and success of product launches, (vi) difficulties or delays
in manufacturing, (vii) the Company’s increased indebtedness and
obligation to comply with certain covenants and other obligations
under its standstill agreement with its first lien term loan
lenders (the “Standstill Agreement”), (viii) the Company’s
obligation under the Standstill Agreement to enter into a
comprehensive amendment that is satisfactory in form and substance
to the first lien term loan lenders, (ix) the Company's exploration
of strategic alternatives, including the alternatives of seeking to
restructure its indebtedness and/or implement a strategic
transaction (including a sale of its assets) with the protections
of a filing under Chapter 11 of the U.S. Bankruptcy Code, (x) the
risk that the holders of a significant number of shares have opted
out of and elected not to participate in or be bound by the
settlement agreement with the putative class members in the pending
securities class action (the “Settlement Agreement”), (xi) the risk
that the Settlement Agreement may not obtain the necessary approval
by the court or may be terminated in accordance with its terms,
(xii) the risk that insurance proceeds, common shares or other
consideration contemplated to be exchanged pursuant to the proposed
settlement is not available at the appropriate time and (xiii) such
other risks and uncertainties outlined in the risk factors detailed
in Part I, Item 1A, “Risk Factors,” of the Company’s Annual Report
on Form 10-K for the fiscal year ended December 31, 2018 (as filed
with the Securities and Exchange Commission (“SEC”) on March 1,
2019) and in Part II, Item 1A, “Risk Factors,” of the Company’s
Quarterly Reports on Form 10-Q for the fiscal quarters ended March
31, 2019 (as filed with the SEC on May 9, 2019), June 30, 2019 (as
filed with the SEC on August 2, 2019) and September 30, 2019 (as
filed with the SEC on October 31, 2019) and other risk factors
identified from time to time in the Company’s filings with the SEC.
Readers should carefully review these risk factors, and should not
place undue reliance on the Company’s forward-looking statements.
These forward-looking statements are based on information, plans
and estimates at the date of this Current Report on Form 8-K. The
Company undertakes no obligation to update any forward-looking
statements to reflect changes in underlying assumptions or factors,
new information, future events or other changes.
Investors/Media: (847) 279-6162
Investor.relations@akorn.com
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