8-K
ELITE PHARMACEUTICALS INC /NV/ (ELTP)
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
August 14, 2024
Date
of Report (Date of earliest event reported)
ELITE
PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
| Nevada | 001-15697 | 22-3542636 |
|---|---|---|
| (State<br> or other jurisdiction | (Commission | (IRS<br> Employer |
| of<br> incorporation) | File<br> Number) | Identification<br> No.) |
165 Ludlow Avenue, Northvale, New Jersey
07647
(Address of principal executive offices)
(201)
750-2646
(Registrant’s telephone number, including area code)
(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:
| ☐ | Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common<br> Stock, par value $0.001 per share | ELTP | OTCQB |
Item2.02. Results of Operations and Financial Condition.
On August 14, 2024, Elite Pharmaceuticals, Inc. (“Elite” or the “Company”) filed its quarterly report on Form 10-Q for the quarter that ended June 30, 2024, and thereafter issued a press release announcing its financial results for that quarter. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
As noted in the press release, the Company will host a conference call at 11:30 AM Eastern Daylight Time (EDT) on Thursday, August 15, 2024, to provide a general business update. Elite will respond to various stockholder questions submitted prior to the call.
ConferenceCall Information
| Date: | August<br> 15, 2024 |
|---|---|
| Time: | 11:30<br> AM EDT |
| Dial-in<br> numbers: | 1-800-346-7359<br> (domestic) |
| 1-973-528-0008<br> (international) | |
| Conference<br> number: | 98840 |
| Questions: | dianne@elitepharma.com |
| Financial<br> questions by 7:00 PM EDT on Wednesday, August 14, 2024 | |
| Audio<br> Replay: | https://elite.irpass.com/events_<br> presentations |
Item7.01 Regulation FD Disclosure.
The information disclosed in Item 2.02 above is incorporated into this Item 7.01. The information included in this Current Report on Form 8-K (including the exhibit hereto) is being furnished under Item 2.02, “Results of Operations and Financial Condition,” Item 7.01, “Regulation FD Disclosure” and Item 9.01 “Financial Statements and Exhibits” of Form 8-K. As such, the information (including the exhibit) herein shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such a filing. This Current Report (including the exhibit hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.
Item9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit<br> No. | Description |
|---|---|
| 99.1 | Press Release dated August 14, 2024 |
| 104 | Cover<br> Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
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.
| Dated:<br> August 14, 2024 | ELITE<br> PHARMACEUTICALS, INC. | |
|---|---|---|
| By: | /s/ Nasrat Hakim | |
| Nasrat<br> Hakim, President and CEO |
Exhibit99.1
ElitePharmaceuticals, Inc. Reports Financial Results for the First Quarter of Fiscal Year 2025 ended June 30, 2024 and Provides ConferenceCall Information
ConferenceCall Scheduled for Thursday, August 15 at 11:30 AM EDT
Northvale, NJ – August 14, 2024: Elite Pharmaceuticals, Inc. (“Elite” or the “Company”) (OTCQB: ELTP), a specialty pharmaceutical company engaged in the development, manufacture, and distribution of niche generic products, announced results for the three months ended June 30, 2024, which is the first quarter of the Company’s fiscal year ending on March 31, 2025 (“First Quarter”).
Consolidated revenues for the three-month period ended June 30, 2024, were $18.8 million, an increase of $9.8 million or approximately 109% as compared to the comparable period of the prior fiscal year. Operating profits were $3.9 million, an increase of $2.3 million or approximately 144%, as compared to the comparable period of the prior fiscal year, and net income attributable to common shareholders was $0.6 million. The increase in operating profits was primarily attributed to higher level of sales achieved by the Elite label product line during the quarter ended June 30, 2024, as compared to the comparable period of the prior year.
ConferenceCall Information
Elite’s management will host a conference call to discuss the First Quarter financial results and provide an update on recent business developments. Stockholder questions should be submitted to the company in advance of the call.
| Date: | August<br> 15, 2024 |
|---|---|
| Time: | 11:30<br> AM EDT |
| Dial-in<br> numbers: | 1-800-346-7359<br> (domestic)<br><br> 1-973-528-0008 (international) |
| Conference<br> number: | 98840 |
| Questions: | dianne@elitepharma.com<br> <br><br> Financial questions by 7:00 PM EDT on Wednesday, August 14, 2024 |
| Audio<br> Replay: | https://elite.irpass.com/events_presentations |
The financial statements can be viewed for Elite’s First Quarter of Fiscal Year 2025 on Form 10-Q here.
AboutElite Pharmaceuticals, Inc.
Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company that develops and distributes niche generic products. Elite specializes in developing and manufacturing oral, controlled-release drug products. Elite owns multiple generic products, some of which are licensed to Prasco, LLC and TAGI Pharma. Elite operates a cGMP and DEA-registered facility for research, development, and manufacturing located in Northvale, NJ. For more information, visit www.elitepharma.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, those related to the effects, if any, on future results, performance or other expectations that may have some correlation to the subject matter of this press release. Readers are cautioned that such forward-looking statements involve, without limitation, risks, uncertainties and other factors not under the control of Elite, which may cause actual results, performance or achievements of Elite to be materially different from the results, performance or other expectations that may be implied by these forward-looking statements. These forward-looking statements may include statements regarding the expected timing of approval, if at all, of products by the FDA, and the actions the FDA may require of Elite in order to obtain such approvals. These forward-looking statements are not guarantees of future action or performance. These risks and other factors are discussed, without limitation, in Elite’s filings with the Securities and Exchange Commission, including its reports on forms 10-K, 10-Q, and 8-K. Elite is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
For Elite Pharmaceuticals, Inc.
Dianne Will, Investor Relations, 518-398-6222
Dianne@elitepharma.com
www.elitepharma.com