SoFi CEO enters prepaid forward contract on 1.5 million shares
DMK Pharmaceuticals Corp (NASDAQ:DMK) has completed the sale of its assets related to the ZIMHI products and business to zmi pharma inc. for $3,170,600, according to a recent SEC filing. This transaction follows the initiation of Chapter 11 bankruptcy cases by DMK and its subsidiaries on February 2, 2024. The sale, finalized on May 16, 2024, was approved by the United States Bankruptcy Court for the District of Delaware.
In a significant board and leadership change, the company also announced the departure of several key figures. Ebrahim “Eboo” Versi, M.D., Ph.D., has resigned as Chairman of the Board and Director of DMK Pharmaceuticals, alongside Directors Howard C. Birndorf, Meera J. Desai, Ph.D, NACD.DC, Vickie S. Reed, and Jannine C. A. Versi.
These resignations took effect on June 27, 2024. Additionally, Mr. Versi has stepped down from his role as Chief Executive Officer, and John W. Dorbin, Jr. is no longer the General Counsel and Corporate Secretary. The company clarified that none of these changes were the result of disagreements on operations, policies, or practices.
In the wake of these departures, Seth Cohen, the current Chief Financial Officer, has been appointed as the Chief Restructuring Officer, effective June 27, 2024. The company's filing did not specify the reasons for these changes beyond the restructuring process.
DMK Pharmaceuticals, previously known as Adamis Pharmaceuticals Corp and CELLEGY PHARMACEUTICALS INC, is based in San Diego, California. The company, incorporated in Delaware with a fiscal year-end on December 31, specializes in pharmaceutical preparations.
The information in this article is based on DMK Pharmaceuticals' latest 8-K filing with the Securities and Exchange Commission.
InvestingPro Insights
As DMK Pharmaceuticals Corp (NASDAQ:DMK) continues to navigate through its restructuring process, recent financial metrics from InvestingPro illustrate a challenging market performance. The company's market capitalization has been adjusted to a mere 0.3 million USD, reflecting a significant contraction in investor valuation. Additionally, the P/E ratio stands at -0.01, indicating that the company is not generating positive earnings at this time, which is not uncommon for companies undergoing Chapter 11 bankruptcy proceedings.
Investors have witnessed a steep decline in DMK's share price over various timeframes. The 1-month, 3-month, and 6-month price total returns show precipitous drops of -12.01%, -51.57%, and -95.82%, respectively. Year-to-date and 1-year price total returns mirror the 6-month performance, both at -95.82%, highlighting a prolonged period of bearish sentiment. The previous close price of the stock was at 0.03 USD.
With an average daily volume over the past three months of just 0.02 million, liquidity appears to be quite thin, which could lead to volatility in the stock's trading price.
For investors interested in a deeper dive into DMK's financial health and future prospects, InvestingPro offers additional insights. There are more InvestingPro Tips available that could provide valuable guidance during this turbulent period for the company. Subscribers can utilize the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further expert analysis and tips to inform their investment strategies.
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