Oragenics converted Series A and B Preferred Shares into common stock, simplifying its capital structure and eliminating $2.35 million in liquidation preference.
Quiver AI Summary
Oragenics, Inc., a biotech company focused on brain-related health treatments, announced the conversion of its remaining Series A and Series B Preferred Shares into common stock, simplifying its capital structure and eliminating approximately $2.35 million in liquidation preference. This move, involving the conversion of 5,417,000 Series A and 4,050,000 Series B shares into around 22,000 common shares, effectively retires the non-voting preferred shares. CFO Janet Huffman stated that this conversion is crucial for the company's financial alignment and future growth initiatives, particularly in developing treatments for neurological conditions and rare diseases.
Potential Positives
- The conversion of outstanding convertible Series A and Series B Preferred Shares into common stock simplifies the company's capital structure.
- This action eliminates approximately $2.35 million in liquidation preference, removing a significant overhang on the company’s stock.
- The full retirement of the Series A and B Preferred Shares aligns with Oragenics' commitment to creating long-term value for shareholders.
- The company positions itself for future growth by focusing on advancing its innovative pipeline of treatments for neurological and rare diseases.
Potential Negatives
- The conversion of preferred shares into common stock suggests potential dilution for existing shareholders, as it increases the number of outstanding common shares.
- The company’s reliance on forward-looking statements highlights uncertainties and risks associated with achieving its future growth objectives, which may lead to investor skepticism.
- While the elimination of liquidation preference is presented positively, it may indicate previous financial pressures or difficulties that required such measures, raising concerns about overall company stability.
FAQ
What recent financial change did Oragenics announce?
Oragenics announced the conversion of its remaining Series A and B Preferred Shares into common stock, simplifying its capital structure.
How much liquidation preference was eliminated by this conversion?
The conversion eliminated approximately $2.35 million in liquidation preference, removing a significant overhang on the company's stock.
What rationale did Oragenics provide for the conversion?
Janet Huffman, CFO, stated that the conversion strengthens the company's foundation for future growth and enhances long-term value for shareholders.
What types of health conditions does Oragenics focus on?
Oragenics focuses on innovative treatments for neurological conditions and infectious diseases, including mTBI and Niemann Pick Disease Type C.
Where can I find more information about Oragenics?
More information about Oragenics can be found on their official website at www.oragenics.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$OGEN Insider Trading Activity
$OGEN insiders have traded $OGEN stock on the open market 2 times in the past 6 months. Of those trades, 0 have been purchases and 2 have been sales.
Here’s a breakdown of recent trading of $OGEN stock by insiders over the last 6 months:
- FRED TELLING sold 3,597 shares.
- ALAN W DUNTON sold 66 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$OGEN Hedge Fund Activity
We have seen 9 institutional investors add shares of $OGEN stock to their portfolio, and 8 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- HRT FINANCIAL LP added 27,918 shares (+inf%) to their portfolio in Q3 2024
- RENAISSANCE TECHNOLOGIES LLC removed 22,528 shares (-100.0%) from their portfolio in Q3 2024
- GSB WEALTH MANAGEMENT, LLC added 20,202 shares (+inf%) to their portfolio in Q3 2024
- CITADEL ADVISORS LLC removed 16,510 shares (-100.0%) from their portfolio in Q3 2024
- SUSQUEHANNA INTERNATIONAL GROUP, LLP removed 10,301 shares (-100.0%) from their portfolio in Q2 2024
- LIONSBRIDGE WEALTH MANAGEMENT LLC added 10,000 shares (+100.0%) to their portfolio in Q3 2024
- VIRTU FINANCIAL LLC added 8,697 shares (+71.4%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
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.”
About Oragenics:
Oragenics is a development-stage biotechnology company focused on nasal delivery of pharmaceutical medications in neurology and fighting infectious diseases, including drug candidates for treating mild traumatic brain injury (mTBI), also known as concussion, and for treating Niemann Pick Disease Type C (NPC), as well as proprietary powder formulation and an intranasal delivery device. For more information, please visit
www.oragenics.com
.
Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s beliefs and assumptions and information currently available. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project” and similar expressions that do not relate solely to historical matters identify forward-looking statements. Investors should be cautious in relying on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed in any such forward-looking statements. These factors include, but are not limited to, those described in our Form 10-K and other filings with the U.S. Securities and Exchange Commission. All information set forth in this press release is as of the date hereof. You should consider these factors in evaluating the forward-looking statements included in this press release and not place undue reliance on such statements. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by law.
Investor Contact
Rich Cockrell
Investor Relations
404.736.3838
OGEN@CG.CAPITAL
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