The following excerpt is from the company's SEC filing.
On September 4, 2014, ProPhase Labs, Inc. (the “Company”, “we” or “us”) announced the consummation of a definitive, global Settlement Agreement (“Settlement Agreement”) resolving certain litigation matters. The terms of the Settlement Agreement included the return of up to 3,896,764 shares of the Company’s common stock, including a tranche of 1,453,427 shares (the “Option Shares”) that were subject to a pre-existing option with a third party.
Effective September 17, 2014, the third party option to acquire the Option Shares was cancelled and the Option Shares were delivered to the Company pursuant to the term s of the previously announced Settlement Agreement. As a consequence, we completed the return to our treasury of 3,896,764 shares of our common stock and have reduced the number of our shares outstanding to 15,902,949 as of September 17, 2014.
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.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
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