Eagle Pharmaceuticals, Inc. (OTC:EGRX), currently trading at $0.75 with a market capitalization of $9.77 million, has announced an amendment to its Rights Agreement, which was initially entered into on October 30, 2024.
The amendment, referred to as Amendment No. 1, does not alter the core terms of the original Rights Agreement and maintains its full force and effect. Specific details of the changes have not been disclosed but are said to involve the rights and obligations of the Board concerning the Rights Agreement and the rights issued under it.
This move comes after the company's common stock was delisted from The Nasdaq Stock Market LLC on October 1, 2024, following a determination by the Nasdaq Hearings Panel. Trading in Eagle Pharmaceuticals' common stock was suspended on October 3, 2024, and subsequently commenced on the OTC Expert Market under the symbol "EGRX" on October 4, 2024.
In other recent news, Eagle Pharmaceuticals, Inc. has made significant changes in its audit services and stock listing. The company recently dismissed Ernst & Young LLP, its previous independent registered public accounting firm, and appointed BDO USA, P.C. to take over audit services for the fiscal years of 2022, 2023, and 2024.
This change was necessitated by material weaknesses in Eagle Pharmaceuticals' internal control over financial reporting, leading to a delay in reporting and the need to restate financial statements for several periods.
In addition to the audit changes, Eagle Pharmaceuticals has also announced its decision to voluntarily delist its common stock from the Nasdaq Global Market due to non-compliance with listing rules. This move followed a suspension from Nasdaq and the company's stock began trading on the OTC Expert Market.
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