Retractable Technologies, Inc. Reports Private Stock Repurchase

Rhea-AI Summary

Retractable Technologies, Inc. (RVP) has announced a plan to repurchase 3 million shares of its common stock from BML Investment Partners at $1.60 per share, an 8% discount from the last closing price of $1.74 on December 22, 2022. The company views this repurchase as advantageous due to the stock’s low price, enhancing shareholder value. This strategic move could positively impact earnings per share (EPS) by reducing the total shares outstanding, thereby potentially increasing the stock price in the future.

Positive

• Strategic repurchase of 3 million shares at an 8% discount.
• Potential increase in EPS due to reduction in shares outstanding.
• Positive signal of confidence in the company's value from management.

Negative

• None.

LITTLE ELM, Texas--(BUSINESS WIRE)--

Retractable Technologies, Inc. (NYSE American: RVP) announces today that it has agreed to repurchase three million shares of its common stock in a private transaction with BML Investment Partners, L.P. Braden M. Leonard, on behalf of the selling shareholder, approached the Company with an offer to sell a block of shares prior to year-end. The Company accepted, determining it would be advantageous to buy a large block of shares in one transaction, especially given the stock’s low price. The parties negotiated a price of $1.60 per share, being an 8% discount from the $1.74 per share closing price as of December 22, 2022.

ABOUT RETRACTABLE

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221229005288/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 recent stock buyback announcement by Retractable Technologies (RVP)?

Retractable Technologies has announced a buyback of 3 million shares at $1.60 each, which is an 8% discount from the recent closing price.

How does the stock buyback affect Retractable Technologies (RVP) shareholders?

The buyback could enhance shareholder value by potentially increasing EPS and improving stock price due to fewer shares outstanding.

When was the stock buyback for Retractable Technologies (RVP) announced?

The buyback was announced on December 29, 2022.

What was the closing price of Retractable Technologies (RVP) before the buyback announcement?

The closing price was $1.74 per share as of December 22, 2022.

Who is selling the shares in the buyback by Retractable Technologies (RVP)?

The shares are being sold by BML Investment Partners, L.P.