Nutriband Inc. Successfully Obtains Court Verdict for Recovery of Shares Constituting 15% of Its Total Outstanding Shares

Rhea-AI Summary

Nutriband Inc. (NASDAQ:NTRB, NTRBW) announced a favorable court verdict regarding its 2017 acquisition of Advanced Health Brands, allowing the recovery of 4.8 million shares that had been issued as part of the deal. After a reverse split in 2018, this recovery translates to approximately 1.2 million shares, or 15% of the company’s total outstanding shares. This successful legal outcome is expected to reduce Nutriband's total outstanding shares, positively impacting shareholder value.

Positive

• Court ruling allows recovery of 4.8M shares, reducing total outstanding shares by 1.2M.
• The recovered shares account for approximately 15% of total outstanding shares, enhancing shareholder value.

Negative

• None.

ORLANDO, FL / ACCESSWIRE / July 15, 2022 / Nutriband Inc. (NASDAQ:NTRB) (NASDAQ:NTRBW) today announced that it has received a verdict in favor of the company, where the company prevailed on all issues, relating to the lawsuit the company filed to rescind the acquisition of Advanced Health Brands in 2017.

The verdict permits recovery of 4.8M shares of Nutriband common stock which were issued in 2017 to the defendants for an acquisition which has now been rescinded. Following the Company's reverse split in 2018 the shares in question account for 1.2M shares or approximately 15% of the total outstanding shares of the company.

Following the recovery of the shares pursuant to the Court's ruling, Nutriband's total outstanding shares would be reduced by 1.2M.

About Nutriband Inc.

We are primarily engaged in the development of a portfolio of transdermal pharmaceutical products. Our lead product under development is an abuse deterrent fentanyl patch incorporating our AVERSA ® technology. Aversa is an abuse deterrent transdermal technology that incorporates aversive agents to prevent the abuse, diversion, misuse, and accidental exposure of drugs with abuse potential, specifically opioids.

The Company's website is www.nutriband.com. Any material contained in or derived from the Company's websites or any other website is not part of this press release.

Forward-Looking Statements

Certain statements contained in this press release, including, without limitation, statements containing the words ‘'believes,'' "anticipates," "expects" and words of similar import, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve both known and unknown risks and uncertainties. The Company's actual results may differ materially from those anticipated in its forward-looking statements as a result of a number of factors, including those including the Company's ability to develop its proposed abuse deterrent fentanyl transdermal system and other proposed products, its ability to obtain patent protection for its abuse technology, its ability to obtain the necessary financing to develop products and conduct the necessary clinical testing, its ability to obtain Federal Food and Drug Administration approval to market any product it may develop in the United States and to obtain any other regulatory approval necessary to market any product in other countries, including countries in Europe, its ability to market any product it may develop, its ability to create, sustain, manage or forecast its growth; its ability to attract and retain key personnel; changes in the Company's business strategy or development plans; competition; business disruptions; adverse publicity and international, national and local general economic and market conditions and risks generally associated with an undercapitalized developing company, as well as the risks contained under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Form S-1, Form 10-K for the year ended January 31, 2022 and Forms 10-Q, and the Company's other filings with the Securities and Exchange Commission. Except as required by applicable law, we undertake no obligation to revise or update any forward-looking statements to reflect any event or circumstance that may arise after the date hereof.

For more information, contact:

Investor Relations
RedChip Companies
Dave Gentry
Dave@redchip.com
1-800-RED-CHIP (733-2447)
407-491-4498

SOURCE: Nutriband, Inc.

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FAQ

What was the outcome of Nutriband's lawsuit regarding Advanced Health Brands?

Nutriband won the lawsuit, allowing the recovery of 4.8 million shares, which reduces the total outstanding shares by 1.2 million.

How will the court ruling affect Nutriband's total outstanding shares?

The court ruling will reduce Nutriband's total outstanding shares by approximately 1.2 million, or 15%.

What are the stock symbols for Nutriband?

Nutriband’s stock symbols are NTRB and NTRBW.

When was the court verdict announced for Nutriband's share recovery?

The court verdict was announced on July 15, 2022.