Assertio Holdings Inc Stock Price, News & Analysis

Assertio Holdings, Inc. (NASDAQ: ASRT) has completed a registered direct offering of common stock priced at $0.62 per share, totaling approximately $14 million in gross proceeds. After fees and expenses, net proceeds are expected to be around $13 million, which will be used for general corporate purposes, including working capital. This offering was conducted under an effective shelf registration statement filed with the SEC.

Assertio Holdings, Inc. (NASDAQ: ASRT) has announced a registered direct offering of 22,600,000 shares at a price of $0.62 per share, expected to close on February 9, 2021. The offering aims to raise approximately $14 million before fees. Proceeds will be allocated for general corporate purposes and working capital. Roth Capital Partners acted as the sole placement agent. This is being offered under a shelf registration statement filed with the SEC, and details will be available in a prospectus supplement.

Assertio Holdings, Inc. (Nasdaq: ASRT) announced a Confidential Settlement Agreement with Navigators Specialty Insurance, resolving a dispute over coverage of opioid lawsuits against its subsidiary Assertio Therapeutics. Navigators will pay $5 million of its $10 million primary policy by February 17, 2021. Additionally, Assertio updated its restructuring cost estimate to $11-12 million, reflecting non-cash charges and a pending non-cash impairment charge of at least $9 million for Q4 2020.

Assertio Holdings (Nasdaq: ASRT) has received a 180-day grace period, extending until June 28, 2021, to comply with the $1.00 bid price requirement for maintaining its Nasdaq listing. The company's shares will transfer to the Nasdaq Capital Market starting December 30, 2020, although trading is not expected to be affected. If the share price does not meet the requirement, Assertio plans to consider a reverse stock split to regain compliance. Assertio is focused on monitoring this requirement closely.

Assertio Holdings announced a restructuring plan aimed at reducing costs by approximately $45 million annually. This comes in response to changes in market conditions and the ongoing effects of the COVID-19 pandemic. The plan will include severance charges estimated between $8 million and $10 million to be recognized in late 2020 and 2021. Following the restructuring, Dan Peisert will transition from CFO to CEO, succeeding Todd Smith, who resigns to support the company’s reduced infrastructure.

Assertio Holdings, Inc. (Nasdaq: ASRT) announced that President and CEO Todd Smith will present at the Stifel 2020 Virtual Healthcare Conference on November 17, 2020, at 11:20 am ET. Investors can access a live audio webcast of the presentation on the Company’s website, with a replay available afterward. Assertio focuses on delivering differentiated pharmaceutical products, with a strong portfolio in neurology, hospital, and pain inflammation. The Company has expanded through licensing, mergers, and acquisitions, aiming to be the partner of choice in healthcare.

Assertio Holdings reported Q3 2020 net product sales of $34.3 million, a 21.4% increase compared to the pro-forma Q2 2020. Non-GAAP sales were $33.7 million, maintaining consistency with the previous year despite COVID-19 disruptions. Demand for Zipsor increased by 25% quarter-over-quarter, while Indocin sales grew by 46% quarter-over-quarter. The company anticipates a 5% decline in full-year pro-forma revenue compared to 2019. Cash reserves declined to $34.7 million due to debt prepayments and restructuring costs. Assertio is focused on achieving $40 million in operational synergies from its merger.

Assertio Holdings, Inc. (Nasdaq: ASRT) will announce its Q3 2020 financial results on November 6, 2020. The management team will hold a live webcast at 8:30 a.m. ET to discuss the operating results and provide a business update. Assertio focuses on commercial pharmaceutical products in neurology, hospital, and pain management sectors. The company's growth strategy includes mergers and acquisitions, as well as licensing agreements. For more details, visit Assertio's website.

Assertio Holdings, Inc. (Nasdaq: ASRT) announced participation in the Cantor Virtual Global Healthcare Conference on September 16, 2020, at 2:00 pm ET. CEO Todd Smith will discuss Zyla Life Sciences integration, business strategy, financial results, and growth trends for the next year. The conference runs from September 15-17, 2020. Interested parties can find more details and listen to the webcast on Assertio's investor page. Assertio aims to be a leader in the pharmaceutical market, focusing on neurology, hospital, and pain management products.