Orlando, Florida / ACCESS CABLE / Jul 15, 2022 / Nutriband Inc. (NASDAQ:NTRB) (NASDAQ:NTRBW) announced today that it received a verdict in favor of the company, with the company prevailing on all issues, in connection with the company’s lawsuit to terminate the acquisition of Advanced Health Brands in 2017 .
Verdict allows recovery of 4.8 million shares of Nutriband common stock Values that were issued in 2017 to the defendants for an acquisition that has now been rescinded. Following the company’s reverse split in 2018, the shares in question represent 1.2 million shares or approximately 15% of the company’s total outstanding shares.
Following the recovery of shares pursuant to the Court’s ruling, Nutriband’s total outstanding shares would be reduced by 1.2 million.
About Nutriband Inc.
We are primarily engaged in the development of a portfolio of transdermal pharmaceuticals. Our lead product in development is a fentanyl abuse deterrent patch that incorporates our AVERSA® technology. Aversa is a transdermal abuse deterrent technology that incorporates aversive agents to prevent the abuse, diversion, misuse and accidental exposure of drugs of abuse potential, specifically opioids.
The company website is www.nutriband.com. Any material contained in or derived from the Company’s websites or any other website is not part of this Press release.
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Certain statements contained in this Press release, including, without limitation, statements containing the words “believes”, “anticipates”, “expects” and words of similar import, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve both known and unknown risks and uncertainties. The Company’s actual results may differ materially from those anticipated in its forward-looking statements as a result of a number of factors, including those that include the Company’s ability to develop its proposed transdermal fentanyl abuse deterrent system and other proposed products, your ability to obtain patent protection for your technology of abuse, your ability to obtain the necessary funding to develop products and conduct the necessary clinical trials, your ability to obtain approval from the Federal Food and Drug Administration to market any products you may develop in the United States and to obtain any other regulatory approval necessary to market any product in other countries, including countries in Europe, your ability to market any product you may develop, your ability to create, maintain, manage or forecast your increase; its ability to attract and retain key personnel; changes in the business strategy or development plans of the Company; competition; business interruptions; adverse publicity and general international, national and local economic and market conditions and risks generally associated with an undercapitalized developing company, as well as the risks contained in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and results of operations” on the Company’s Form S-1, Form 10-K for the year ended January 31, 2022 and Forms 10-Q, and other filings of the Company with the Securities and Exchange Commission. Except as required by applicable law, we undertake no obligation to revise or update any forward-looking statement to reflect any event or circumstance that may arise after the date hereof.
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