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 its Series II Class B Convertible Preferred Stock, equating to $0.25 per share. The accrued dividends at 10% per annum cover amounts from July 1, 2021 to September 30, 2021. Payment is scheduled for October 22, 2021, to shareholders on record as of October 12, 2021. This announcement highlights the company's commitment to its investors, despite potential operational risks and external market challenges.

Positive

• Declared dividends of $39,050 for Series II Class B Convertible Preferred Stock.
• Maintained a dividend rate of 10% per annum.

Negative

• Potential impact of COVID-19 on logistics and operations.
• Risks related to liquidity and maintaining patent protection.
• Increased production costs and competition from larger market players.

LITTLE ELM, Texas--(BUSINESS WIRE)-- 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 July 1, 2021 through date of conversion or September 30, 2021 whichever is applicable. The dividends will be paid on October 22, 2021 to shareholders of record as of the close of business on October 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/20210930005828/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 dividend amount declared by Retractable Technologies, Inc. for RVP stock?

The declared dividend amount is $39,050, equating to $0.25 per share.

When will the dividend for RVP stock be paid?

The dividend will be paid on October 22, 2021.

What is the record date for the dividend payment of Retractable Technologies, Inc.?

The record date for the dividend payment is October 12, 2021.

How much is the annual dividend rate for Retractable Technologies, Inc.?

The annual dividend rate is 10%.

What factors could impact the performance of Retractable Technologies, Inc.?

Factors include COVID-19 impacts, liquidity concerns, production costs, and competition.