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Oragenics, Inc. Announces Conversion of Preferred Shares and Elimination of Liquidation Preference
Monday, 16th December at 8:09 am
SARASOTA, Fla., Dec. 16, 2024 (GLOBE NEWSWIRE) -- Oragenics, Inc. (NYSE: OGEN), a biotechnology company advancing innovative treatments for brain-related health conditions, today announced the conversion of its remaining outstanding convertible Series A and Series B Preferred Shares into common stock. The conversion helps simplify the company's capital structure and eliminates approximately $2.35 million in liquidation preference, effectively removing a significant overhang on the company's stock.
Holders of the Company's remaining 5,417,000 Series A Preferred Shares and 4,050,000 Series B Preferred Shares exercised their right to convert their shares into a total of approximately 22,000 common shares. The Series A and B Preferred Shares, which carried no voting rights, have now been fully retired.
"This conversion is a pivotal step for Oragenics as we simplify our financial structure and strengthen our foundation for future growth," said Janet Huffman, Chief Financial Officer of Oragenics. "Eliminating the liquidation preference removes a significant overhang on our stock, aligning with our commitment to creating long-term value for shareholders and positioning us to focus on advancing our innovative pipeline of treatments for neurological and rare diseases."
Monday, 16th December at 8:09 am
SARASOTA, Fla., Dec. 16, 2024 (GLOBE NEWSWIRE) -- Oragenics, Inc. (NYSE: OGEN), a biotechnology company advancing innovative treatments for brain-related health conditions, today announced the conversion of its remaining outstanding convertible Series A and Series B Preferred Shares into common stock. The conversion helps simplify the company's capital structure and eliminates approximately $2.35 million in liquidation preference, effectively removing a significant overhang on the company's stock.
Holders of the Company's remaining 5,417,000 Series A Preferred Shares and 4,050,000 Series B Preferred Shares exercised their right to convert their shares into a total of approximately 22,000 common shares. The Series A and B Preferred Shares, which carried no voting rights, have now been fully retired.
"This conversion is a pivotal step for Oragenics as we simplify our financial structure and strengthen our foundation for future growth," said Janet Huffman, Chief Financial Officer of Oragenics. "Eliminating the liquidation preference removes a significant overhang on our stock, aligning with our commitment to creating long-term value for shareholders and positioning us to focus on advancing our innovative pipeline of treatments for neurological and rare diseases."
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