Osmotica Pharmaceuticals plc Announces Result of Proposal 3 at Annual General Meeting
BRIDGEWATER, N.J., June 18, 2021 (GLOBE NEWSWIRE) -- Osmotica Pharmaceuticals plc (Nasdaq: OSMT) (“Osmotica” or the “Company”), a fully integrated biopharmaceutical company, today announced results of the Company’s Annual General Meeting.
At the Annual General Meeting of the Company held on June 17, 2021, the resolution placed before the meeting in respect of the approval of the waiver under Rule 37 of the Irish Takeover Rules (the Rules) taken by independent shareholders of the Company on a poll was approved. The result of the poll was 11,457,687 votes for; and 3,919,503 votes against.
Accordingly, as a result of potential future repurchases by the Company of up to 6,271,913 ordinary shares of US$0.01 each in the capital of the Company, the aggregate percentage shareholding in the capital of the Company held by the parties specified in the table below (and persons deemed to be acting in concert with them under the Rules) (together, the Affected Parties) may proportionally increase up to the maximum percentage specified below (assuming that the Affected Parties do not participate in such repurchases). In such circumstances, the Affected Parties will not incur an obligation under Rule 37 of the Rules to make a general offer to the Company’s other shareholders.
|Current Shareholding (Number)||Current Shareholding (%)||Potential Shareholding following Share Repurchases (%)|
|Avista Healthcare Partners, L.P., and Orbit Co-Invest III LLC||16,763,859 ordinary shares||26.7%||29.7%|
|Altchem Limited and Orbit Co-Invest A-1 LLC||23,667,540 ordinary shares||37.7%||41.9%|
|Management Individuals (as defined in the proxy statement)||1,866,254 ordinary shares||3.0%||3.3%|
The full text of the resolution is set of in the Notice of Annual Meeting of Shareholders which is available at https://www.osmotica.com/
About Osmotica Pharmaceuticals plc
Osmotica Pharmaceuticals plc (Nasdaq: OSMT) is a fully integrated biopharmaceutical company focused on the development and commercialization of specialty products that target markets with underserved patient populations. The Company has a diverse portfolio consisting of promoted and non-promoted products, several of which incorporate Osmotica’s proprietary Osmodex® drug delivery system. RVL Pharmaceuticals, Inc. is the Company’s ophthalmic subsidiary supporting Upneeq®. Vertical Pharmaceuticals, LLC represents the Company’s diversified branded portfolio and Trigen Laboratories, LLC represents the Company’s non-promoted products, including complex generic formulations.
Osmotica has operations in the United States and Hungary.
Investor and Media Relations for Osmotica Pharmaceuticals plc
Lisa M. Wilson
In-Site Communications, Inc.