South Africa Today, News source, provides breaking news on South Africa, world, Africa, sport, travel and more.
MIAMI, July 05, 2024 — Fortress Biotech, Inc. , an innovative biopharmaceutical company focused on acquiring and advancing assets to enhance long-term value for shareholders through product revenue, equity holdings and dividend and royalty revenue, today announced that its Board of Directors has paused the payment of dividends on the Company’s 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock until further notice.
The Company will begin accruing the dividend as of July 1, 2024, and no dividend payment will be issued on July 31, 2024. The Company believes pausing the dividend is in the best interest of the Company and its stakeholders to maintain financial flexibility ahead of potentially significant inflection points.
The pausing of these dividends will defer approximately $0.7 million in cash dividend payments each month. The Board intends to revisit its decision regarding the monthly dividend regularly and will assess the profitability and cash flow of the Company to determine whether and when the suspension should be lifted.
The Series A Preferred Stock trades on the Nasdaq Capital Market under the “FBIOP” stock ticker symbol. Lindsay A. Rosenwald, M.D., Fortress’ Chairman, President and Chief Executive Officer, said, “Across our portfolio, we could receive up to three regulatory approvals on NDAs and BLAs in the next 12 months for DFD-29, cosibelimab and CUTX-101, and potentially a fourth BLA filing as early as 2025 for CAEL-101.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Africa: Better Policing in South Africa Is Well Within ReachAnalysis - SA has the necessary skills and resources - we need the president and police minister to make reform their mission.
Read more »
South Africa: Anti-Immigrant Rhetoric Gained Ground During Run-Up to South Africa's ElectionsAn online activity report by the Centre for Analytics and Behavioural Change (CABC) has found that South Africa's socio-economic problems are increasingly being blamed on immigrants.
Read more »
South Africa: Will Foreign Policy Differences Be a Deal-Breaker in South Africa's Coalition Negotiations?Analysis - The ANC has sharp differences over foreign policy with other political parties. The question is whether these differences will be deal breakers in ongoing negotiations to form a government of national unity or a coalition.
Read more »
South Africa: Anti-Immigrant Rhetoric Shot Up Online Before South Africa PollsThe online conversation against immigrants in South Africa increased sharply in the lead-up to the recent national elections, reports the Centre for Analytics and Behavioural Change (CABC).
Read more »
South Africa: Keyshia Cole To Tour South Africa This SummerSeasoned concert organizers Glen21 Entertainment today confirmed that the iconic R&B songstress Keyshia Cole will be touring South Africa later this year.
Read more »
South Africa: How Will South Africa's New Coalition Govt Steer Foreign Policy?Analysis - The challenge of decision making by consensus may see South Africa adopting more middle-of-the-road policies on pressing global challenges.
Read more »