Business
Nutriband Inc. Successfully Obtains Court Verdict for Recovery of Shares Constituting 15% of Its Total Outstanding Shares
ORLANDO, FL / ACCESSWIRE / July 15, 2022 / Nutriband Inc. (NASDAQ:NTRB) (NASDAQ:NTRBW) today announced that it has received a verdict in favor of the company,
About this update from Nutriband Inc.
[{"type":"text","content":"ORLANDO, FL / ACCESSWIRE / July 15, 2022 / Nutriband Inc. (NASDAQ:NTRB) (NASDAQ:NTRBW) today announced that it has received a verdict in favor of the company, where the company prevailed on all issues, relating to the lawsuit the company filed to rescind the acquisition of Advanced Health Brands in 2017.The verdict permits recovery of 4.8M shares of Nutriband common stock which were issued in 2017 to the defendants for an acquisition which has now been rescinded. Following the Company's reverse split in 2018 the shares in question account for 1.2M shares or approximately 15% of the total outstanding shares of the company.Following the recovery of the shares pursuant to the Court's ruling, Nutriband's total outstanding shares would be reduced by 1.2M.About Nutriband Inc.We are primarily engaged in the development of a portfolio of transdermal pharmaceutical products. Our lead product under development is an abuse deterrent fentanyl patch incorporating our AVERSA ® technology. Aversa is an abuse deterrent transdermal technology that incorporates aversive agents to prevent the abuse, diversion, misuse, and accidental exposure of drugs with abuse potential, specifically opioids.The Company's website is www.nutriband.com. Any material contained in or derived from the Company's websites or any other website is not part of this press release.Forward-Looking StatementsCertain statements contained in this press release, including, without limitation, statements containing the words ‘'believes,'' \"anticipates,\" \"expects\" and words of similar import, constitute \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve both known and unknown risks and uncertainties. The Company's actual results may differ materially from those anticipated in its forward-looking statements as a result of a number of factors, including those including the Company's ability to develop its proposed abuse deterrent fentanyl transdermal system and other proposed products, its ability to obtain patent protection for its abuse technology, its ability to obtain the necessary financing to develop products and conduct the necessary clinical testing, its ability to obtain Federal Food and Drug Administration approval to market any product it may develop in the United States and...