- Current report filing (8-K)
August 02 2010 - 3:39PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange
Act of 1934
Date of Report (Date of earliest event reported)
July 28, 2010
Retractable Technologies, Inc.
(Exact name of
registrant as specified in its charter)
Texas
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000-30885
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75-2599762
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(State or other
jurisdiction
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(Commission
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(IRS Employer
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of
incorporation)
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File Number)
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Identification
No.)
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511
Lobo Lane, Little Elm, Texas
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75068-0009
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(Address of principal executive offices)
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(Zip Code)
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Registrants telephone number, including area code
(972) 294-1010
None
(Former name or
former address, if changed since last report)
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Item
8.01 - Other Events
On July 28, 2010, we entered into a settlement
agreement with Abbott Laboratories (Abbott) and Hospira, Inc.
(Hospira), effective as of July 12, 2010 (the Effective Date), which
resolves all claims and counterclaims between us and Abbott pending before the
U.S. District Court in the Eastern District of Texas, Texarkana Division or
that accrued prior to the Effective Date.
The settlement agreement provides that Hospira shall deliver to us $6
million within 15 business days of the Effective Date, and Abbott waives its
rights to any Series IV Class B preferred stock accrued
dividends. In addition, Hospira is
granted an exclusive one-year option to negotiate a licensing agreement for certain
uses of our Patient Safe
®
syringe.
In exchange for the option, Hospira shall pay us $2 million per quarter
for four quarters, beginning three months from the Effective Date and every
three months thereafter, for a total of $8 million. In the event a licensing agreement is entered
into, any remaining portion of the option fee shall, when paid, be credited
against royalties payable by Hospira to RTI then or in the future under the
exclusive license. All claims have been dismissed.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
DATE: August 2, 2010
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RETRACTABLE
TECHNOLOGIES, INC.
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(Registrant)
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BY:
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/s/ Thomas J. Shaw
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THOMAS J. SHAW
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PRESIDENT AND CHIEF
EXECUTIVE OFFICER
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