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MarketScreener Homepage  >  Equities  >  Nyse MKT  >  Retractable Technologies, Inc.    RVP

RETRACTABLE TECHNOLOGIES, INC.

(RVP)
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RETRACTABLE TECHNOLOGIES INC : Entry into a Material Definitive Agreement (form 8-K)

10/05/2020 | 02:53pm EST

Item 1.01 Entry into a Material Definitive Agreement.

On September 30, 2020, Retractable Technologies, Inc. (the "Company") completed an exchange under an Agreement for the Purchase and Sale of Preferred Stock (the "Agreement") dated as of August 31, 2020 with one preferred shareholder, Sovana Cayman Islands, whereby the Company will pay the shareholder $3,000,000 million in cash over a three-year period beginning February 2021 and immediately issue 600,000 shares of Common Stock in return for 300,000 shares of Series IV Class B Convertible Preferred Stock (the "Preferred Stock") of the Company. In addition, the Agreement provides for a transfer to the Company of all rights associated with the Preferred Stock, including $6,091,233 of dividends in arrears. Future dividend requirements to the preferred shareholder of $300,000 per year will cease.

The Common Stock is being issued in reliance on exemptions from registration provided by Sections 3(a)(9) and 18(b)(4) of the Securities Act of 1933, as amended.

A copy of the Agreement is attached as Exhibit 10.1 to this Current Report on Form 8-K. The foregoing description of the Agreement is a summary and does not purport to be complete and is qualified in its entirety by reference to the Agreement.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2019 41,8 M - -
Net income 2019 3,15 M - -
Net cash 2019 11,0 M - -
P/E ratio 2019 21,4x
Yield 2019 -
Capitalization 459 M 459 M -
EV / Sales 2018 0,30x
EV / Sales 2019 0,91x
Nbr of Employees 138
Free-Float 43,5%
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Income Statement Evolution
Managers and Directors
NameTitle
Thomas J. Shaw Chairman, President & Chief Executive Officer
Lawrence G. Salerno Operations Director
John W. Fort CFO, Treasurer, Director, CAO & Vice President
Judy Ni Zhu Manager-Research & Development
Kathryn M. Duesman Vice President-Clinical Affairs
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