Retractable Technologies, Inc. Declares Dividends to Series II and III Class B Preferred Stock Shareholders

Rhea-AI Summary

Retractable Technologies, Inc. (RVP) has declared dividends for its Series II and III Class B Convertible Preferred Stock, amounting to $39,050.00 and $19,061.25 respectively. The dividends accrued at $1.00 per share per annum for the period from July 1, 2022 to September 30, 2022. Payments will be made on October 21, 2022 to shareholders of record as of October 11, 2022. The company specializes in safety medical products designed to minimize needlestick injuries.

Positive

• Dividend declarations of $39,050.00 and $19,061.25 demonstrate ongoing commitment to shareholders.
• Dividends accrued at $1.00 per share annually is favorable for shareholder returns.

Negative

• Concerns regarding supply chain and transportation delays may affect operations and costs.
• Potential tariffs and market competition could impact profitability.

LITTLE ELM, Texas--(BUSINESS WIRE)-- Retractable Technologies, Inc. (“Retractable”) (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B and Series III Class B Convertible Preferred Stock in the amounts of $39,050.00 and $19,061.25, respectively. Dividends have accrued at $1.00 per share per annum. The dividends cover the period beginning July 1, 2022 through September 30, 2022. The dividends will be paid on October 21, 2022 to shareholders of record as of the close of business on October 11, 2022.

Retractable manufactures and markets VanishPoint^® and Patient Safe^® safety medical products and the EasyPoint^® needle. The VanishPoint^® syringe, blood collection, and IV catheter products are designed to prevent needlestick injuries and product reuse by retracting the needle directly from the patient, effectively reducing exposure to the contaminated needle. Patient Safe^® syringes are uniquely designed to reduce the risk of bloodstream infections resulting from catheter hub contamination. The EasyPoint^® is a retractable needle that can be used with luer lock syringes, luer slip syringes, and prefilled syringes to give injections. The EasyPoint^® needle also can be used to aspirate fluids and for blood collection. Retractable's products are distributed by various specialty and general line distributors.

For more information on Retractable, visit its website at www.retractable.com.

Forward-looking statements in this press release are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and reflect Retractable's current views with respect to future events. Retractable believes that the expectations reflected in such forward-looking statements are accurate. However, Retractable cannot assure you that such expectations will materialize. Actual future performance could differ materially from such statements.

Factors that could cause or contribute to such differences include, but are not limited to: the impact of supply chain and transportation delays on all facets of logistics and operations as well as costs; Retractable’s ability to scale up production volumes in response to an increase in demand; potential tariffs; Retractable's ability to maintain liquidity; Retractable's maintenance of patent protection; Retractable's ability to maintain favorable third party manufacturing and supplier arrangements and relationships; foreign trade risk; Retractable's ability to access the market; production costs; the impact of larger market players in providing devices to the safety market; and other risks and uncertainties that are detailed from time to time in Retractable's periodic reports filed with the U.S. Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220930005575/en/

Retractable Technologies, Inc.

John W. Fort III, 888-806-2626 or 972-294-1010

Vice President, Chief Financial Officer, and Chief Accounting Officer

Source: Retractable Technologies, Inc.

FAQ

What is the amount of the dividend declared by RVP?

RVP declared dividends of $39,050.00 for Series II and $19,061.25 for Series III Class B Convertible Preferred Stock.

When will RVP pay its declared dividends?

The dividends will be paid on October 21, 2022, to shareholders of record as of October 11, 2022.

What period do the declared dividends cover?

The declared dividends cover the period from July 1, 2022, to September 30, 2022.

How much do the dividends accrue per share for RVP?

The dividends accrue at $1.00 per share per annum for RVP.

What products does Retractable Technologies manufacture?

Retractable Technologies manufactures safety medical products, including VanishPoint® and Patient Safe® syringes.