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PDL BioPharma has entered a $51.4 million Capital Provision Agreement with Epps Investments, securing funds by December 31, 2020. These funds relate to PDL's settlement with Wellstat Diagnostics, resolving litigation over previous loans. The company will provide Epps a security interest in certain collateral and may assign rights under the Settlement Agreement if payments due by July 26, 2021, are not received. This agreement aims to enhance shareholder value as PDL pursues asset monetization and ultimately cash distributions to shareholders.
PDL BioPharma announced its intent to voluntarily delist from the Nasdaq Global Select Market effective December 31, 2020. A Form 25 will be filed with the SEC, and trading will be suspended shortly thereafter. The delisting follows a Plan of Dissolution approved in February 2020, driven by costs and burdens of remaining publicly traded. PDL plans to dissolve and liquidate, filing a certificate of dissolution on January 4, 2021. Additionally, the company will file a Form 15 to suspend its reporting obligations under the Securities Exchange Act of 1934.
PDL BioPharma reported its financial results for Q3 and the first nine months of 2020, focusing on its asset monetization and liquidation strategy. The company plans to file for dissolution on January 4, 2021, following shareholder approval. In recent transactions, PDL secured $7.5 million from Wellstat Diagnostics and $4.35 million from SWK Holdings for royalty sales. As of September 30, 2020, PDL's net assets in liquidation totaled $494.7 million, with total assets of $604.0 million. The company transitioned to a liquidation accounting basis on September 1, 2020, affecting comparability with prior financial periods.
PDL BioPharma, Inc. (PDLI) has rescheduled its third quarter 2020 financial results announcement to November 11, 2020, following the approval for company dissolution on August 19, 2020. The earnings release will be issued after market close on the same day, accompanied by a conference call at 4:30 p.m. Eastern time. The transition to a liquidation basis of accounting started on September 1, 2020, which necessitated the schedule change.
PDL BioPharma (Nasdaq: PDLI) will release its third quarter 2020 financial results on November 9, 2020, after market close. The management will conduct a conference call at 4:30 p.m. ET to discuss the results and update on asset monetization efforts. A slide presentation will be available via the webcast on PDL's website. PDL is focused on unlocking value through asset monetization as it pursues a formal liquidation process following stockholder approval for a Plan of Dissolution.
PDL BioPharma has successfully completed the spin-off of its femtosecond laser system business, LENSAR. PDL stockholders received 0.075879 shares of LENSAR for each share of PDL stock held as of the record date on September 22, 2020. Regular trading of LENSAR shares started on October 2, 2020. This strategic move aligns with PDL's goal to unlock the value of its portfolio and optimize shareholder returns through asset monetization.
PDL BioPharma has announced the spin-off of its majority-owned subsidiary, LENSAR, Inc., through a stock dividend to PDL shareholders, set for October 1, 2020. Shareholders of PDL will receive 0.075879 shares of LENSAR stock for each PDL share held as of September 22, 2020. This strategic decision aims to enhance LENSAR's growth potential in cataract surgery as an independent public company listed on Nasdaq under the symbol LNSR. No action is needed from PDL shareholders to receive these shares, and fractional shares will be sold and distributed as cash.
PDL BioPharma has finalized the sale of its subsidiaries, Noden Pharma DAC and Noden Pharma USA, to Stanley Capital for a total of up to $52.83 million in cash. This amount is $4.58 million more than previously announced. PDL will receive $12.72 million upfront, followed by $33 million in installments until October 2023. Additionally, PDL could qualify for tax benefits under the CARES Act, pending realization. This transaction marks a significant step in PDL's strategy to enhance stockholder value.
PDL BioPharma (PDLI) announced a repurchase offer for its 2.75% Convertible Senior Notes maturing in December 2021 and 2024. Holders can require cash repurchases on September 29, 2020, at specified prices: 100% of the principal for the 2021 Notes and an accreted value of $1,024.659 per $1,000 for the 2024 Notes. The total cash repurchase price could reach approximately $13.9 million for the 2021 Notes and $1.03 million for the 2024 Notes. The right to surrender expires at 5:00 p.m. ET on September 28, 2020.
PDL BioPharma has filed a Form 10 registration statement with the SEC for a potential spin-off of its majority-owned subsidiary, LENSAR, Inc. The spin-off aims to optimize shareholder value, with a decision expected soon from PDL's Board of Directors. If approved, LENSAR plans to trade under the ticker symbol 'LNSR' and aims to resume its pre-COVID-19 growth trajectory, launching its next-generation system, ALLY. SVB Leerink is advising PDL on this strategic move.
