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Teligent, Inc. (NASDAQ: TLGT) announced strategic initiatives to enhance its financial position, including a debt-for-equity exchange and an at-the-market equity offering. Approximately $77 million in debt will be converted to equity, reflecting support from Series C noteholders and senior lenders. The company aims to raise $22.62 million through an equity offering to address FDA compliance issues and maintain its operational readiness. Since June 30, 2020, Teligent has reduced its funded debt from $223 million to $105 million, enhancing liquidity and positioning for future growth.
Teligent (NASDAQ: TLGT) has regained compliance with Nasdaq Listing Rule 5250(c)(1) by timely filing its Form 10-Q for Q3 2020 on December 31, 2020. Additionally, compliance was achieved with Rule 5450(b)(2)(C) as the market value of publicly held shares exceeded $15 million for the last 10 trading days as of January 15, 2021. However, Teligent has not yet complied with the minimum $1.00 bid price requirement (Rule 5450(a)(1)) and must achieve this by June 2, 2021 to avoid potential delisting.
Teligent, Inc. (NASDAQ: TLGT) announced its financial results for Q3 2020, reporting revenues of $14.3 million, a 6% increase from Q2 but a 22% decline year-over-year. Gross profit fell to $0.1 million due to inventory write-offs. Operating loss widened to $8.8 million, impacted by increased costs and bad debt expenses. The company faced FDA compliance issues leading to potential disruptions and revenue declines. Teligent projects Q4 revenues between $11.0 - $12.5 million and anticipates operating losses of $5.0 - $6.0 million, alongside negative EBITDA.
Teligent, Inc. (Nasdaq: TLGT) announced the reconvening of its Special Meeting of Stockholders to December 16, 2020, after failing to achieve a quorum on November 25, 2020. Despite approximately 96.49% of votes cast in favor of the proposals, only 47.46% of outstanding shares participated in the vote. The company urges stockholders to vote promptly, as an additional 140,077 shares are needed to meet quorum requirements. The record date for eligible voters remains September 4, 2020. The proxy statement is available on the SEC website and Teligent's site.
Teligent, Inc. (TLGT) announced the adjournment of its Special Meeting of Stockholders, initially scheduled for October 22, 2020, to November 11, 2020, due to not achieving a quorum. Approximately 96.68% of the shares voted supported the proposals, yet only 44.62% of outstanding shares submitted proxies. To reconvene on November 25, 2020, the company needs an additional 292,381 votes. Stockholders are encouraged to vote promptly to prevent further delays. The meeting will occur virtually, and stockholders can access the proxy statement on the SEC website and Teligent's site.
Teligent, Inc. (Nasdaq: TLGT) announced that its Special Meeting of Stockholders, originally scheduled for October 22, 2020, was adjourned due to insufficient voting participation, achieving only a 36.7% quorum. However, an impressive 93.8% of the votes cast supported the proposals. The meeting is now set to reconvene on November 11, 2020, providing additional time for stockholders to vote. Stockholders can participate virtually and are encouraged to cast their votes promptly.
Teligent, Inc. (NASDAQ: TLGT) announced the issuance of approximately $27.5 million in Zero Coupon Convertible Senior Notes due 2023 in exchange for about $57.9 million of its existing 4.75% Convertible Senior Notes, reflecting a 52.5% discount. The company also swapped a smaller amount of Series B Convertible Notes under similar terms, showcasing a 31% discount. The New 2023 Notes are convertible at $1.50 per share and mature in May 2023. This transaction aims to boost liquidity and reduce debt, with support from Series A bondholders.
Teligent, Inc. (NASDAQ: TLGT) reported Q2 2020 revenues of $13.6 million, an 82% increase from Q1, driven by stronger demand for US topical products and Canadian injectables. However, revenue decreased 26% year-over-year. Gross profit rose to $2.5 million but fell 71% year-on-year. The company reported an adjusted EBITDA loss of $2.3 million, an improvement from Q1. Teligent received an inadequate response letter from the FDA regarding a previous warning, necessitating further documentation. The outlook for Q3 and Q4 2020 shows anticipated revenues of $13.5 million and $15.5 million, respectively.
Teligent, Inc. (NASDAQ: TLGT) will hold a conference call on August 19, 2020, at 8:00 AM ET to discuss their second-quarter financial results and provide a business update. Interested participants can join the call by calling (866) 393-8366 for domestic or (409) 350-3154 for international access. The call will also be available via webcast on Teligent's website in the Investor Relations section. Teligent aims to be a significant player in the specialty generic prescription drug market.
Teligent, Inc. (NASDAQ: TLGT) announced the closing of $13.8 million in 9.5% Series C Senior Convertible Notes due 2023, resulting in approximately $10 million in net cash proceeds for corporate purposes. The company also exchanged existing notes totaling approximately $32.3 million and $3.7 million into New 2023 Notes, reflecting a 10% and 55% discount, respectively. These notes are convertible at $2.78 per share and mature in March 2023. The New 2023 Notes are secured by a third lien on assets and require lender consent.
