VIVUS (VVUS) Tops Q3 EPS by 28c; Board Approves NOL Rights Plan
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Financial Fact:
Loss from operations: -848K
Today's EPS Names:
MAXN, CSTR, ACU, More
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VIVUS (NASDAQ: VVUS) reported Q3 EPS of $0.09, $0.28 better than the analyst estimate of ($0.19). Revenue for the quarter came in at $13.4 million versus the consensus estimate of $25.87 million.
NOL Rights Plan
On November 8, 2016 VIVUS' board of directors approved an amendment and restatement of its stockholder rights plan originally adopted on March 26, 2007. The amended plan is designed to protect stockholder value by mitigating the likelihood of an "ownership change" that would result in significant limitations to VIVUS' ability to use its net operating losses or other tax attributes to offset future income. The amended plan is similar to rights plans adopted by other public companies with significant net operating loss carryforwards.
In connection with the original adoption of the rights plan, one right was distributed for each share of VIVUS common stock outstanding as of the close of business on April 13, 2007 and one right was distributed with each share of VIVUS common stock that was issued after such date. The amended rights plan provides, subject to certain exceptions, that if any person or group acquires 4.9% or more of VIVUS' outstanding common stock, there would be a triggering event potentially resulting in significant dilution in the voting power and economic ownership of that person or group. Existing stockholders who hold 4.9% or more of VIVUS' outstanding common stock as of the date of the amended rights plan will trigger a dilutive event only if they acquire an additional 1% of the outstanding shares of VIVUS common stock.
As extended and amended, the rights plan will continue in effect until November 9, 2019, unless earlier terminated or the rights are earlier exchanged or redeemed by the Board of Directors. we expect to submit the rights plan to a vote at the 2017 annual meeting of stockholders. If stockholders do not approve the plan at the 2017 annual meeting, it will expire at the close of business of the following day.
For earnings history and earnings-related data on VIVUS (VVUS) click here.
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