Adamis Pharmaceuticals Provides Update on Annual Meeting of Stockholders
September 03 2020 - 04:05PM
Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) today announced
the results of its reconvened 2020 annual meeting of stockholders
which was initially held August 20, 2020, and was adjourned until
September 3, 2020. At the reconvened meeting, the
stockholders voted on a proposal to approve an amendment to the
company’s restated certificate of incorporation to increase the
number of authorized shares of common stock, and a proposal to
approve an amendment to the company’s restated certificate of
incorporation to implement a reverse stock split of the outstanding
common stock, if the board of directors in its discretion
determines to implement a reverse stock split as described in the
company’s proxy statement relating to the meeting.
A majority of the outstanding shares of common stock entitled to
vote at the meeting approved the proposal to amend the company’s
restated certificate of incorporation to increase the number of
authorized shares of common stock by 100 million shares and the
proposal was approved. The company has filed a certificate of
amendment to its restated certificate of incorporation to increase
the number of authorized shares from 100 million to 200 million
shares of common stock. Other than the conversion of one
million preferred shares into an equal number of shares of common
stock, the filing will not impact the number of shares of common
stock currently outstanding.
Although the reverse stock split proposal was approved by a
majority of the votes cast at the meeting, it did not receive
approval by a majority of the outstanding shares entitled to vote
at the meeting. As a result, the reverse stock split proposal
was not approved, and the Board of Directors will now take no
further action to implement a reverse stock split.
Dr. Dennis J. Carlo, President and Chief Executive Officer of
Adamis Pharmaceuticals, stated, “We are pleased with the outcome of
the annual meeting and most appreciative of the efforts of our
shareholders to participate in the process. We now eagerly
look ahead to what we expect to be an approval and a commercial
launch of ZIMHI before year end.”
About Adamis Pharmaceuticals
Adamis Pharmaceuticals Corporation is a specialty
biopharmaceutical company primarily focused on developing and
commercializing products in various therapeutic areas, including
allergy, respiratory and inflammatory disease. The company’s
SYMJEPI (epinephrine) Injection products are approved by the FDA
for use in the emergency treatment of acute allergic reactions,
including anaphylaxis. Adamis’ naloxone injection product
candidate, ZIMHI, for the treatment of opioid overdose is currently
under FDA review. Adamis is developing additional products,
including treatments for acute respiratory diseases, such as
COVID-19, influenza, asthma and COPD. The company’s
subsidiary, U.S. Compounding, Inc., compounds sterile
prescription drugs, and certain nonsterile drugs for human and
veterinary use by hospitals, clinics, surgery centers, and vet
clinics throughout most of the United States.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are subject to a number of risks and uncertainties. Readers
are cautioned not to place undue reliance on the forward-looking
statements, which speak only as of the date on which they are made
and reflect management’s current estimates, projections,
expectations and beliefs. Certain of these risks,
uncertainties, and other factors are described in greater detail in
Adamis’ filings from time to time with the SEC, including its
annual report on Form 10-K for the year ended December 31,
2019, and our subsequent filings with the SEC, which
Adamis strongly urges you to read and consider, all of which are
available free of charge on the SEC's web site
at http://www.sec.gov. Except to the extent required by
law, any forward-looking statements in this press release speak
only as the date of this press release, and Adamis expressly
disclaims any obligation to update any forward-looking
statements.
Contacts:
Mark FlatherSenior Director, Investor Relations& Corporate
CommunicationsAdamis Pharmaceuticals Corporation(858)
412-7951mflather@adamispharma.com
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