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VERU on Nasdaq

VERU INC.

In its 2025 annual report the company says: “We are a late clinical stage biopharmaceutical company focused on developing novel medicines for the treatment of cardiometabolic and inflammatory diseases.”6 It is headquartered in Miami, United States.2 Its shares trade on Nasdaq under the symbol VERU.2

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Last updated Oct 21, 2026.

Overview

-$22.7MNet income, fiscal 20253

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  • TickerVERU on Nasdaq2
  • IndustryPharmaceutical Preparations2
  • HeadquartersMiami, United States2
  • Incorporated inWI4
  • Business address2916 N. Miami Avenue, Suite 1000, Miami, Fl 331274
  • Filer categoryNon-accelerated filer, Smaller reporting company4
  • Legal formCorporation2
  • LEI529900ER63TFLEIJV6312
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressc/o C T CORPORATION SYSTEM, 301 S. BEDFORD ST. SUITE 1, 53703 Madison, United States2

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We are a late clinical stage biopharmaceutical company focused on developing novel medicines for the treatment of cardiometabolic and inflammatory diseases. Our drug development program consists of two late-stage new chemical entities, enobosarm and sabizabulin. Enobosarm, an oral selective androgen receptor modulator (“SARM”), is being developed as a next generation drug that makes weight reduction by GLP-1 RA drugs more tissue selective for loss of fat and preservation of lean mass. This activity leads to improved body composition and physical function with expected clinically meaningful incremental weight reduction versus GLP-1 RA monotherapy. Sabizabulin, a microtubule disruptor, is being developed for the treatment of inflammation in atherosclerotic cardiovascular disease. On December 30, 2024, the Company sold its FDA-approved commercial product, the FC2 Female Condom® (Internal Co…6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

34.7%Gross margin7
-214.2%Operating margin3
-223.9%Net margin3
3.6%Revenue growth, 20247
-117.0%Return on equity3
-$21.8MFree cash flow3

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue20¢$11.0M
  • Research and development23¢$12.8M
  • Selling, general and admin57¢$31.2M

Out of $16.9M in revenue.73 The company lost money this year.

Financial statements

Revenue891011127$16.9M in 2024+6% since 2018
0$20.0M$40.0M$60.0M$80.0M2018: $15.9M$15.9M20182019: $31.8M$31.8M2019+100%2020: $42.6M$42.6M2020+34%2021: $61.3M$61.3M2021+44%2022: $39.4M$39.4M2022−36%2023: $16.3M$16.3M2023−59%2024: $16.9M$16.9M2024+4%
Gross profit891011127$5.9M in 2024−33% since 2018
0$20.0M$40.0M$60.0M2018: $8.8M$8.8M20182019: $21.7M$21.7M2019+147%2020: $30.8M$30.8M2020+42%2021: $47.9M$47.9M2021+56%2022: $30.6M$30.6M2022−36%2023: $7.6M$7.6M2023−75%2024: $5.9M$5.9M2024−23%
Operating income8910111273-$36.2M in 2024+73% since 2018
-$100.0M-$50.0M0$50.0M2018: -$20.9M-$20.9M20182019: -$6.4M-$6.4M2019−69%2020: -$14.7M-$14.7M2020+129%2021: $13.0M$13.0M20212022: -$83.5M-$83.5M20222023: -$93.8M-$93.8M2023+12%2024: -$36.2M-$36.2M2024−61%
Net income8910111273-$37.8M in 2024+58% since 2018
-$100.0M-$50.0M0$50.0M2018: -$23.9M-$23.9M20182019: -$12.0M-$12.0M2019−50%2020: -$19.0M-$19.0M2020+58%2021: $7.4M$7.4M20212022: -$84.0M-$84.0M20222023: -$93.2M-$93.2M2023+11%2024: -$37.8M-$37.8M2024−59%

Every line of the income statement as filed: the last 2 fiscal years, latest first.3

Period ending2025-09-302024-09-30
Research and development$15.6M$12.8M
General and administrative$19.9M$24.6M
Total operating expenses$35.5M$37.4M
Gain on sale of ENTADFI assets$10.8M$1.2M
Operating loss-$24.8M-$36.2M
Gain on extinguishment of debt$8.6M$0
Change in fair value of equity securities-$323.8K-$176.1K
Other income, net$768.4K$1.1M
Total non-operating income$9.1M$909.1K
Net loss from continuing operations-$15.7M-$35.3M
Net loss from discontinued operations, net of taxes-$7.0M-$2.5M
Net loss-$22.7M-$37.8M
Net loss from continuing operations per basic and diluted common shares outstanding (in dollars per share)-$1-$3
Net loss from discontinued operations per basic and diluted common shares outstanding (in dollars per share)-$0-$0
Net loss per basic and diluted common shares outstanding (in dollars per share)-$1.55-$2.80
Basic and diluted weighted average common shares outstanding (in shares)14.6M shares13.5M shares

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Corporate structure

VERU INC. sits at the top of its group. 4 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of VERU INC.

  • VERU INC. Miami, Florida, United States
    • Aspen Park Pharmaceuticals, Inc. Subsidiary · Delaware, United States
    • Badger Acquisition Sub, Inc. Subsidiary · Delaware, United States
    • PCHC Limited Subsidiary · United Kingdom

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What VERU INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$965.4K3 Sep 30, 2025$965.4K3 Sep 30, 20240%
Accumulated depreciation$600.6K3 Sep 30, 2025$484.1K3 Sep 30, 2024+24.1%
Property and equipment, net$364.8K3 Sep 30, 2025$481.4K3 Sep 30, 2024−24.2%
Operating-lease assets (leased space)$2.7M3 Sep 30, 2025$3.3M3 Sep 30, 2024−15.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$15.8M3 Sep 30, 2025$24.9M3 Sep 30, 2024−36.6%
Equity securities at fair value$2.5M3 Sep 30, 2025$742.3K3 Sep 30, 2024+240.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$6.9M3 Sep 30, 2025$6.9M3 Sep 30, 20240%
Intangible assets, net (excluding goodwill)$07 Sep 30, 2024$6.0K7 Sep 30, 2023−100.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$4.1M7 Sep 30, 2024$6.7M7 Sep 30, 2023−38.1%
Raw materials$827.6K7 Sep 30, 2024$1.9M7 Sep 30, 2023−55.4%
Work in process$79.2K7 Sep 30, 2024$112.8K7 Sep 30, 2023−29.8%
Finished goods$4.8M7 Sep 30, 2024$4.9M7 Sep 30, 2023−1.9%

Properties, in its own words

The Company’s headquarters are located in Miami, Florida in approximately 12,000 square feet of office space. The Company executed the lease for this office space in June 2021. The lease is for an eight-year term, which commenced on March 1, 2022 and ends on February 28, 2030.

We believe that the facility noted above is suitable and adequate for our current needs.

Item 2 of the 10-K filed Dec 17, 2025.6

Leadership

Who has led VERU INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. O. B. Parrish2006–2016
  2. Karen Louise King2014–2015
  3. Mitchell Shuster Steiner2016–2019
  4. Charles T. Todd Jr.2019

Chair

  1. O. B. Parrish2006–2012

President

  1. O. B. Parrish2009–2013
  2. Karen Louise King2014–2015
  3. Mitchell Shuster Steiner2016–now

Chief financial officer

  1. Donna Felch2006–2012
  2. Daniel Haines2016–2017

Chief operating officer

  1. O. B. Parrish2006–2009
  2. Daniel Haines2016
2010201520202025
Board members and other officers (33)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Aspen Park Pharmaceuticals, Inc. Delaware5
  • Badger Acquisition Sub, Inc. Delaware5
  • PCHC Limited United Kingdom5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • FEMALE HEALTH COJun 13, 1996 to Aug 1, 20174

Timeline

  1. Sep 8, 20268-K Other events54
  2. Aug 10, 20268-K Results of operations55
  3. Jul 2, 20268-K Entered a material agreement56
  4. Jun 4, 20268-K Other events57
  5. May 13, 20268-K Results of operations58
  6. Mar 13, 20268-K Executive or director change; Shareholder vote59
  7. Feb 11, 20268-K Results of operations60
  8. Dec 17, 20258-K Results of operations61
  9. Oct 30, 20258-K Entered a material agreement; Other events62
  10. Sep 26, 20258-K Ended a material agreement63
  11. Aug 27, 20258-K Other events64
  12. Aug 12, 20258-K Results of operations65
  13. Jan 3, 2019New chief executive Charles T. Todd Jr. becomes CEO16
  14. Nov 7, 2016New chief executive Mitchell Shuster Steiner becomes CEO17
  15. Jan 21, 2014New chief executive Karen Louise King becomes CEO18
  16. May 8, 2006New chief executive O. B. Parrish becomes CEO19

Calendar

Coming up

  1. Around Nov 7, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Aug 10, 2026Reported quarterly or annual results55
  2. May 13, 2026Reported quarterly or annual results58
  3. Feb 11, 2026Reported quarterly or annual results60
  4. Dec 17, 2025Reported quarterly or annual results61
  5. Aug 12, 2025Reported quarterly or annual results65
  6. May 8, 2025Reported quarterly or annual results66
  7. Feb 13, 2025Reported quarterly or annual results67
  8. Aug 8, 2024Reported quarterly or annual results68

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

242 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 56 major events, 84 insider forms, 24 large holders, 56 other. The latest 20:

  1. Sep 8, 20268-K EDGAR
  2. Aug 17, 20264 PRIMARY DOCUMENT EDGAR
  3. Aug 10, 202610-Q EDGAR
  4. Aug 10, 20268-K EDGAR
  5. Jul 2, 20268-K EDGAR
  6. Jul 2, 2026424B5 EDGAR
  7. Jun 4, 20268-K EDGAR
  8. May 13, 2026S-8 EDGAR
  9. May 13, 202610-Q EDGAR
  10. May 13, 20268-K EDGAR
  11. May 6, 20264 PRIMARY DOCUMENT EDGAR
  12. May 6, 20264 PRIMARY DOCUMENT EDGAR
  13. May 6, 20264 PRIMARY DOCUMENT EDGAR
  14. May 6, 20264 PRIMARY DOCUMENT EDGAR
  15. May 6, 20264 PRIMARY DOCUMENT EDGAR
  16. May 6, 20264 PRIMARY DOCUMENT EDGAR
  17. May 6, 20264 PRIMARY DOCUMENT EDGAR
  18. May 6, 20264 PRIMARY DOCUMENT EDGAR
  19. Apr 15, 2026EFFECT EDGAR
  20. Apr 15, 2026EFFECT EDGAR

The 242 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

13 open-market trades by officers, directors and large owners since October 2021: 6 buys and 7 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 13, 2026BARNETTE K GARYChief Scientific OfficerBuy1,800$2.69$4.8KForm 4
Feb 19, 2025Rankowitz Michael LDirectorBuy54,721$0.58$31.7KForm 4
Feb 18, 2025Rankowitz Michael LDirectorBuy95,279$0.55$52.4KForm 4
May 24, 2024FISCH HARRYChief Corporate OfficerBuy4,000$1.25$5.0KForm 4
May 24, 2024BARNETTE K GARYChief Scientific OfficerBuy5,000$1.34$6.7KForm 4
May 24, 2024STEINER MITCHELL SHUSTERPresident and CEOSale63,379$1.23$78.0KForm 4
May 23, 2024STEINER MITCHELL SHUSTERPresident and CEOSale300$1.35$405Form 4
May 22, 2024STEINER MITCHELL SHUSTERPresident and CEOSale6,504$1.39$9.0KForm 4
May 17, 2024STEINER MITCHELL SHUSTERPresident and CEOSale28,066$1.32$37.0KForm 4
May 16, 2024STEINER MITCHELL SHUSTERPresident and CEOSale59,788$1.41$84.3KForm 4
May 15, 2024FISCH HARRYChief Corporate OfficerBuy6,711$1.49$10.0KForm 4
May 15, 2024STEINER MITCHELL SHUSTERPresident and CEOSale84,021$1.50$126.0KForm 4
Aug 15, 2022Eisenberger MarioDirectorSale100,000$20.04$2.0MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Mitchell S. SteinerChairman, President and Chief Executive Officer$836.2K$1.6M80
2025K. Gary BarnetteChief Scientific Officer58$615.6K$941.0K80
2025Harry FischVice Chairman and Chief Corporate Officer$505.6K$769.4K80
2024Mitchell S. SteinerChairman, President and Chief Executive Officer$804.0K$2.0M80
2024K. Gary BarnetteChief Scientific Officer58$591.9K$1.0M80
2024Harry FischVice Chairman and Chief Corporate Officer$486.2K$848.6K80

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 59. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC698,439$2.2M0.0%+159,057
Alyeska Investment Group, L.P.238,556$746.7K0.0%−761,444
Oppenheimer & Co Inc210,843$659.9K0.0%+14,543
BlackRock, Inc.167,084$523.0K0.0%+52,915
Renaissance Technologies LLC164,450$514.7K0.0%+95,200
Geode Capital Management, LLC155,076$485.5K0.0%−29,546
Summit Financial, LLC141,865$444.0K0.0%−9,918
Jane Street Group, LLC127,853$400.2K0.0%+105,046
Raymond James Financial Inc84,969$266.0K0.0%+17,408
Vanguard Fiduciary Trust Co81,230$254.2K0.0%+577
Choreo, LLC74,813$234.2K0.0%−450
NewEdge Advisors, LLC70,439$220.5K0.0%+114
Citadel Advisors LLC61,977$194.0K0.0%+17,495
Blair William & Co/il58,000$181.5K0.0%+10,000
State Street Corp55,004$172.2K0.0%No change
Diametric Capital, LP50,192$157.1K0.0%New
Algert Global LLC42,144$131.9K0.0%New
ADAR1 Capital Management, LLC35,000$109.5K0.0%No change
Northern Trust Corp29,855$93.4K0.0%−3,733
Scientech Research LLC28,391$88.9K0.1%New
Integrated Wealth Concepts LLC23,165$72.5K0.0%+11,400
Marshall Wace, Llp20,300$63.5K0.0%New
Quantinno Capital Management LP20,000$62.6K0.0%No change
Osaic Holdings, Inc.16,253$50.9K0.0%−365
Susquehanna International Group, Llp12,597$39.4K0.0%−174

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How VERU INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARVERU INC.1
  • CIK0000863894
  • Employer ID (EIN)39-11443976
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company6
  • Incorporated inWisconsin6
  • Fiscal year endsSeptember 301
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address2916 N. Miami Avenue, Suite 1000, Miami, FL 331271
  • Phone31259591231
  • Shares outstanding17,050,320 as of Aug 6, 202614
  • Public float$64.1M as of Mar 31, 20256
  • AuditorCherry Bekaert LLP, Atlanta, Georgia PCAOB ID 677; no auditor attestation of internal control over financial reporting6
  • On EDGAR sinceFeb 6, 19961
  • Filings1,262 in all: 4 (542), 8-K (214), 10-Q (58), DEFA14A (57), 10QSB (34), SC 13G/A (34), DEF 14A (30), 3 (27)1
    All 58 form types

    SC 13G (23), UPLOAD (20), 10-K (19), 424B5 (15), CORRESP (15), S-8 (15), 4/A (13), 10KSB (11), ARS (11), SC 13D/A (10), SB-2/A (9), EFFECT (8), PRE 14A (7), S-3 (7), 3/A (6), 5 (6), SC 13D (6), DEFR14A (5), SB-2 (5), 8-K/A (4), PRER14A (4), 424B3 (3), DEFS14A (3), S-1/A (3), S-3/A (3), 10-K/A (2), 10-Q/A (2), 10KSB/A (2), 10QSB/A (2), 8-A12B (2), NO ACT (2), POS AM (2), S-8 POS (2), SC TO-T/A (2), SCHEDULE 13G/A (2), 25 (1), CERTAMX (1), CERTNAS (1), D (1), DEFM14A (1), NT 10-K (1), NT 10-Q (1), NTN 10Q (1), PREM14A (1), PRES14A (1), REGDEX (1), SC 14D9 (1), SC TO-C (1), SC TO-T (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Dec 17, 2025
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Jan 28, 2026
    Latest 8-K (8-K) Sep 8, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, $0.01 par valueVERUNasdaq

From the cover page of the 10-K filed Dec 17, 2025 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks VERU INC. names in Item 1A of its 10-K filed Dec 17, 2025: 58 risks under these headings, as written.6

  • Risks Related to the Regulation and Commercialization of Our Products and Drug Candidates
  • Risks Related to Our Financial Position and Need for Capital
  • Risks Related to Our Business
  • Risks Relating to Our Intellectual Property
  • Risks Related to Ownership of Our Common Stock
  • We currently have no commercial revenue and may never generate revenue or become profitable.
  • We have limited experience in obtaining regulatory approval for a drug.
  • We could experience delays in our planned clinical trials.
  • Our clinical trials may be suspended or discontinued.
  • We could experience delays or unanticipated costs in connection with our planned clinical development program of enobosarm as a treatment to augment fat loss and to prevent muscle loss in obese or overweight older patients receiving a GLP-1 RA.
  • We could experience delays or unanticipated costs in connection with our planned clinical development program of sabizabulin as a treatment to slow the progression of or promote regression of cardiovascular atherosclerotic disease if the FDA does not accept our trial design.
  • Interim, preliminary and topline data from our preclinical studies and clinical trials that we announce or publish from time to time may change as more data become available and are subject to audit and verification procedures that could result in material changes in the final data.
The other 51 risks
  • We may be subject to risks relating to collaboration with third parties.
  • We rely on CROs to conduct our research and development activities.
  • We rely on third party manufacturers for our drug candidates.
  • Changes in law could have a negative impact on the approval of our drug candidates.
  • We may fail or elect not to commercialize our drug candidates or our approved or authorized products.
  • Our development and commercialization of sabizabulin as a treatment to slow the progression of or promote regression of cardiovascular atherosclerotic disease will depend on our ability to secure significant funding through pharmaceutical company partnerships or other external sources.
  • We are subject to extensive and costly governmental regulation.
  • Our business could be negatively impacted by disruptions at the FDA or other government agencies.
  • We could experience misconduct by our employees.
  • Coverage and reimbursement may not be available for our products.
  • We may not be able to gain and retain market acceptance for our drug candidates.
  • Our drug products may be subject to governmental pricing controls.
  • Third parties may obtain FDA regulatory exclusivity to our detriment.
  • We have incurred net losses in recent fiscal years and expect to continue to incur losses for the foreseeable future.
  • Our independent registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern in its report on our audited financial statements included in this Annual Report on Form 10-K for the fiscal year ended September 30, 2025.
  • We will need to raise additional capital to fund our operations and development programs in the future. If we are unsuccessful in attracting new capital, we may not be able to continue operations or development or may be forced to sell assets to do so. Alternatively, capital may not be available to us on favorable terms, or if at all. If available, financing terms may lead to significant dilution of our stockholders’ equity.
  • The amount of additional financing that we will need to support our development and commercialization activities is uncertain.
  • Unstable market and economic conditions may have serious adverse consequences on our ability to raise funds, which may cause us to delay, restructure or cease our operations.
  • We may experience competition, especially for enobosarm as a treatment for metabolic diseases, if approved.
  • An inability to identify or complete future acquisitions could adversely affect our future growth.
  • We may experience difficulties in integrating strategic acquisitions.
  • We may be subject to claims or investigations relating to The Pill Club’s business practices with respect to sales of FC2.
  • It is unlikely that we will collect any amount of our accounts receivable with The Pill Club.
  • We are subject to significant payment obligations pursuant to the resolution of a dispute with a supplier.
  • Uncertainty and adverse changes in the general economic conditions may negatively affect our business.
  • Material adverse or unforeseen legal judgments, fines, penalties, or settlements could have an adverse impact on our profits and cash flows.
  • We have been named a defendant in stockholder class actions. These, and potential similar or related lawsuits or investigations, could result in substantial legal fees, fines, penalties or damages and may divert management’s time and attention from our business.
  • Our business and operations would suffer if we sustain cyber-attacks or other privacy or data security incidents that result in security breaches.
  • We will need to increase the size and complexity of our organization in the future, and we may experience difficulties in executing our growth strategy and managing any growth.
  • Uncertainties in the interpretation and application of tax rules in the various jurisdictions in which we operate could materially affect our deferred tax assets, tax obligations and effective tax rate.
  • Our effective tax rate may be negatively impacted if we are unable to realize deferred tax assets or by future changes to tax laws in jurisdictions in which we operate.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • We are subject to outstanding litigation filed by the purchaser of the FC2 Business, which could result in substantial legal fees or damages and may divert management’s time and attention from our business.
  • We may be unable to protect the proprietary nature of the intellectual property covering our products.
  • Our or our licensors’ patents may expire or be invalidated, found to be unenforceable, narrowed or otherwise limited or our or our licensors’ patent applications may not result in issued patents or may result in patents with narrow, overbroad, or unenforceable claims.
  • We may not have sufficient intellectual property protection for enobosarm as a treatment to augment fat loss and to prevent muscle loss in obese or overweight elderly patients receiving GLP-1 RA who are at-risk for developing muscle atrophy and muscle weakness.
  • We are dependent in part on some license relationships.
  • We may face claims that our intellectual property infringes on the intellectual property rights of third parties. If we infringe intellectual property rights of third parties, it may increase our costs or prevent us from being able to commercialize our product candidates.
  • We may be subject to claims that our employees have wrongfully used or disclosed alleged trade secrets of our competitors.
  • We may need to file lawsuits or take other actions to protect or enforce our intellectual property rights.
  • We may fail to protect the confidentiality of commercially sensitive information.
  • Ownership in our common stock is highly concentrated and your ability to influence corporate matters may be limited as a result.
  • Our common stock may be subject to delisting from the Nasdaq Capital Market if our common stock has a closing bid price of less than $1.00 per share.
  • We incurred charges to earnings in fiscal 2020 and in fiscal 2023 resulting from the APP Acquisition, and additional charges to earnings resulting from the APP Acquisition in the future may cause our operating results to suffer.
  • The restatements of our prior financial statements may affect stockholder and investor confidence in us or harm our reputation, and may subject us to additional risks and uncertainties, including increased costs and the increased possibility of legal proceedings and regulatory inquiries, sanctions or investigations.
  • We are a “smaller reporting company” and will be able to avail ourselves of reduced disclosure requirements applicable to smaller reporting companies, which could make our common stock less attractive to investors.
  • There are provisions in our charter documents and Wisconsin law that might prevent or delay a change in control of our company.
  • The trading price of our common stock has been volatile, and investors in our common stock may experience substantial losses.
  • A substantial number of shares may be sold in the market, which may depress the market price for our common stock.
  • We may not receive any meaningful amount of, or potentially any, additional funds upon the exercise of our outstanding warrants.
  • Because we do not anticipate paying any cash dividends on our common stock in the foreseeable future, capital appreciation, if any, will be our shareholders’ sole source of gain.

Legal proceedings

For a description of our material pending legal proceedings, see Litigation in Note 12, Contingent Liabilities, to the financial statements included in this report and incorporated herein by reference.

The opening of Item 3, Legal Proceedings.6

Sources

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  54. 54
    SEC EDGAROther events
  55. 55
  56. 56
  57. 57
    SEC EDGAROther events
  58. 58
  59. 59
  60. 60
  61. 61
  62. 62
  63. 63
  64. 64
    SEC EDGAROther events
  65. 65
  66. 66
  67. 67
  68. 68
  69. 69
  70. 70
  71. 71
  72. 72
  73. 73
  74. 74
  75. 75
  76. 76
  77. 77
  78. 78
  79. 79
  80. 80