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

Rhea-AI Summary

Retractable Technologies, Inc. (NYSE American: RVP) has declared dividends of $39,050 for holders of its Series II Class B Convertible Preferred Stock, amounting to $0.25 per share. These dividends, which accrued at 10% per annum, cover arrears from December 31, 2020, through the applicable conversion date of March 31, 2021. Payment is scheduled for April 22, 2021, to shareholders of record by April 12, 2021. Retractable manufactures safety medical products aimed at preventing needlestick injuries and infections, distributing items like the VanishPoint® syringe and Patient Safe® syringes.

Positive

• Declaration of dividends totaling $39,050, reflecting the company's commitment to returning value to shareholders.
• Dividend amount of $0.25 per share signifies a 10% annual return on Series II Class B Convertible Preferred Stock.

Negative

• Potential operational impacts from COVID-19, affecting logistics and production costs.
• Risk factors include dependence on third-party manufacturing and potential tariffs, which could affect profitability.

Retractable Technologies, Inc. (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B Convertible Preferred Stock in the amount of $39,050. The dividend amount is $0.25 per share. Dividends have accrued at 10% per annum and cover amounts in arrears from December 31, 2020 through date of conversion or March 31, 2021 whichever is applicable. The dividends will be paid on April 22, 2021 to shareholders of record as of the close of business on April 12, 2021.

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 COVID-19 on all facets of logistics and operations, as well as costs, Retractable’s ability to complete capital improvements and ramp up domestic production in response to government agreements, 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/20210401005664/en/

FAQ

What is the dividend amount for RVP stock?

The declared dividend amount for RVP stock is $0.25 per share.

When will the dividend for RVP be paid?

The dividend will be paid on April 22, 2021.

What period does the dividend cover for RVP?

The dividend covers amounts in arrears from December 31, 2020, through March 31, 2021.

Who are the beneficiaries of the RVP dividend?

Shareholders recorded as of the close of business on April 12, 2021, will receive the dividend.

How is Retractable Technologies addressing potential risks?

Retractable Technologies has outlined various risks, including supply chain challenges and market competition, in its forward-looking statements.