Adamis Pharmaceuticals Provides Update on Annual Meeting of Stockholders
Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) held a reconvened 2020 annual meeting where stockholders approved an amendment to increase authorized shares from 100 million to 200 million. The proposal for a reverse stock split was not approved due to insufficient votes. CEO Dr. Dennis J. Carlo expressed satisfaction with the stockholder participation and optimism for the anticipated approval and launch of ZIMHI, a naloxone injection product candidate for opioid overdose, pending FDA review.
- Approved increase of authorized shares by 100 million, allowing more flexibility in equity financing.
- CEO optimistic about the upcoming approval and commercial launch of ZIMHI before year-end.
- Reverse stock split proposal failed due to lack of majority approval, limiting potential share price support.
SAN DIEGO, Sept. 03, 2020 (GLOBE NEWSWIRE) -- Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) today announced the results of its reconvened 2020 annual meeting of stockholders which was initially held August 20, 2020, and was adjourned until September 3, 2020. At the reconvened meeting, the stockholders voted on a proposal to approve an amendment to the company’s restated certificate of incorporation to increase the number of authorized shares of common stock, and a proposal to approve an amendment to the company’s restated certificate of incorporation to implement a reverse stock split of the outstanding common stock, if the board of directors in its discretion determines to implement a reverse stock split as described in the company’s proxy statement relating to the meeting.
A majority of the outstanding shares of common stock entitled to vote at the meeting approved the proposal to amend the company’s restated certificate of incorporation to increase the number of authorized shares of common stock by 100 million shares and the proposal was approved. The company has filed a certificate of amendment to its restated certificate of incorporation to increase the number of authorized shares from 100 million to 200 million shares of common stock. Other than the conversion of one million preferred shares into an equal number of shares of common stock, the filing will not impact the number of shares of common stock currently outstanding.
Although the reverse stock split proposal was approved by a majority of the votes cast at the meeting, it did not receive approval by a majority of the outstanding shares entitled to vote at the meeting. As a result, the reverse stock split proposal was not approved, and the Board of Directors will now take no further action to implement a reverse stock split.
Dr. Dennis J. Carlo, President and Chief Executive Officer of Adamis Pharmaceuticals, stated, “We are pleased with the outcome of the annual meeting and most appreciative of the efforts of our shareholders to participate in the process. We now eagerly look ahead to what we expect to be an approval and a commercial launch of ZIMHI before year end.”
About Adamis Pharmaceuticals
Adamis Pharmaceuticals Corporation is a specialty biopharmaceutical company primarily focused on developing and commercializing products in various therapeutic areas, including allergy, respiratory and inflammatory disease. The company’s SYMJEPI (epinephrine) Injection products are approved by the FDA for use in the emergency treatment of acute allergic reactions, including anaphylaxis. Adamis’ naloxone injection product candidate, ZIMHI, for the treatment of opioid overdose is currently under FDA review. Adamis is developing additional products, including treatments for acute respiratory diseases, such as COVID-19, influenza, asthma and COPD. The company’s subsidiary, U.S. Compounding, Inc., compounds sterile prescription drugs, and certain nonsterile drugs for human and veterinary use by hospitals, clinics, surgery centers, and vet clinics throughout most of the United States.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to a number of risks and uncertainties. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. Certain of these risks, uncertainties, and other factors are described in greater detail in Adamis’ filings from time to time with the SEC, including its annual report on Form 10-K for the year ended December 31, 2019, and our subsequent filings with the SEC, which Adamis strongly urges you to read and consider, all of which are available free of charge on the SEC's web site at http://www.sec.gov. Except to the extent required by law, any forward-looking statements in this press release speak only as the date of this press release, and Adamis expressly disclaims any obligation to update any forward-looking statements.
Contacts:
Mark Flather
Senior Director, Investor Relations
& Corporate Communications
Adamis Pharmaceuticals Corporation
(858) 412-7951
mflather@adamispharma.com
FAQ
What was approved at the Adamis Pharmaceuticals annual meeting on September 3, 2020?
Did Adamis Pharmaceuticals receive approval for a reverse stock split?
What is ZIMHI, and what is its current status?
Who is the CEO of Adamis Pharmaceuticals?
