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Teligent, Inc. (Nasdaq: TLGT) has filed for voluntary Chapter 11 bankruptcy in Delaware to facilitate a sale aimed at maximizing company value. The firm commenced marketing prior to the filing and anticipates a sale of its business or key assets by early 2022. To support operations during this process, Teligent secured $12 million in debtor-in-possession financing. The company also announced leadership changes, including the appointment of a Chief Restructuring Officer and new Board member with expertise in crisis management. Teligent's stock is set for delisting from Nasdaq on October 18, 2021.
Teligent, Inc. (NASDAQ: TLGT) reported Q2 2021 revenues of $10.4 million, down from $13.6 million in Q2 2020, primarily due to contract volume loss from remediation activities and COVID-19 impacts. Total costs increased, leading to a net loss of $12.9 million, a 10% reduction year-over-year. The company remains unable to provide 2021 financial guidance due to ongoing uncertainties, including FDA inspections and macroeconomic volatility. Teligent is assessing growth opportunities in the injectables market to enhance long-term prospects.
Teligent Inc. (Nasdaq: TLGT) will hold a conference call on August 16, 2021, at 8:30 AM ET to discuss its Q2 2021 financial results and business updates. The call will be accessible via dial-in and webcast on Teligent's website under the Investor Relations section. This session aims to provide insights into Teligent's performance and future strategies in the specialty generic pharmaceutical market.
Teligent, Inc. (Nasdaq: TLGT) announced the adjournment of its Annual Meeting of Stockholders originally scheduled for June 18, 2021, due to insufficient votes on key proposals. The meeting will reconvene on July 21, 2021, at 10:00 a.m. Eastern time, to allow additional time for stockholders to cast their votes. The record date for eligible stockholders remains May 17, 2021. Teligent urges eligible stockholders who have not voted to do so promptly, as their participation is crucial for the meeting’s outcomes.
Teligent, Inc. (TLGT) announced the adjournment of its Annual Meeting of Stockholders originally set for June 18, 2021, due to insufficient votes for proposal approvals. The meeting will reconvene on June 30, 2021, at 10:00 a.m. ET to allow more time for stockholders to vote. The record date for eligible stockholders remains May 17, 2021. The company urges stockholders to vote promptly, with options available online, via phone, or by mail. Proxy statements can be accessed via the SEC or the company's website for important information related to the proposals.
Teligent, Inc. (NASDAQ: TLGT) reported Q1 2021 net revenues of $11.6 million, up from $7.4 million in Q1 2020. The gain was attributed to timing of private label orders and improved inventory conditions. The company reduced its debt by $118 million since June 2020 and made significant managerial appointments. Despite achieving a net income of $2.2 million compared to a loss of $26.8 million last year, Teligent refrained from providing full-year guidance due to ongoing FDA remediation efforts and macroeconomic uncertainties stemming from COVID-19.
Teligent (NASDAQ: TLGT) announced its financial results for Q4 and the full year 2020, reporting revenues of $45.3 million, a decline from $65.9 million in 2019, primarily due to COVID-19 impacts and product remediation efforts. The company recorded a significant impairment charge of $79.8 million in Q4 related to its manufacturing facility. Debt reduction efforts led to an $118 million decrease in liabilities since June 2020. Teligent continues its remediation work regarding the FDA Warning Letter received in November 2019, planning to inform the FDA about inspection readiness in Q3 2021.
Teligent, Inc. (NASDAQ: TLGT) has appointed Ernest R. De Paolantonio as Chief Financial Officer, effective April 15, 2021. Timothy B. Sawyer, President and CEO, expressed optimism about De Paolantonio's extensive experience in the pharmaceutical industry, including previous roles at Fortovia Therapeutics and BioDelivery Sciences. As part of his compensation, De Paolantonio will receive 195,000 restricted stock units and stock options to purchase 240,000 shares, with vesting contingent on performance milestones. This leadership change aims to strengthen Teligent's financial strategy.
Teligent, Inc. (Nasdaq: TLGT) announced the appointment of Carter Pate to its Board of Directors as of February 23, 2021. Pate, a seasoned executive and founder of a private equity firm, will contribute his expertise to Teligent's Audit and Nominating and Corporate Governance Committees. He aims to guide the company through its ongoing financial transformation. Additionally, Teligent has confirmed compliance with Nasdaq's $1.00 bid price rule, closing previous compliance issues and strengthening its market standing.
Teligent, Inc. (TLGT) has appointed William S. Marth to its Board of Directors, effective immediately. With over 25 years of experience in the pharmaceutical industry, Marth aims to enhance Teligent's growth potential. John Celentano, Chairman of the Board, expressed confidence in Marth's strategic leadership amidst the company's efforts to strengthen its balance sheet. Marth's previous roles include CEO of Teva Pharmaceuticals – Americas and Global President of Avet Pharma, where he significantly increased revenues. This appointment positions Teligent for future success in the specialty generic market.
