Teligent Calls In The Cavalry As Warning Letter Threatens To Overwhelm
Debt-To-Equity Swap Of $77m Announced; Additional Liquidity Provided
Teligent has achieved a “pivotal step in our journey toward securing a strong financial future,” according to management, after recapitalizing its significant debt burden and gaining access to more cash.
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Teligent has followed through with plans to condense its outstanding shares to raise their value and maintain a stock-exchange listing. Meanwhile, the company revealed a sizeable loss for the first quarter of this year, as it gave the latest on its warning letter-stricken facility in Buena, New Jersey.
Rather than blame employees for ignoring 397 product complaints, Teligent should have fixed complaint handling system, US FDA warning letter says.
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