Psychemedics Corporation (PMD) Completes Stock Repurchase Agreement

On December 10, 2024, Psychemedics Corporation announced the successful execution of a stock repurchase agreement as outlined in a recent 8-K filing with the Securities and Exchange Commission. The company finalized the transactions detailed in the stock purchase agreement, which involved 3K Limited Partnership, along with various other trusts associated with Peter H. Kamin.

Within this agreement, 3K Limited Partnership acquired 1,409,712 shares of Psychemedics Corporation’s common stock at a purchase price of $2.35 per share. This purchase was primarily to facilitate the acquisition of all fractional share interests resulting from a previously disclosed reverse stock split of the company’s common stock. Subsequently, on December 10, 2024, Psychemedics repurchased 320,708 shares of common stock from 3K Limited Partnership at the same price of $2.35 per share, post validation of the total necessary funds by the company’s transfer agent.

Moreover, as part of the repurchase agreement, 3K Limited Partnership provided Psychemedics with ample funds to acquire all fractional share interests stemming from the reverse stock split. Additionally, a sum of $500,000 was allocated for working capital requirements and general corporate purposes.

This stock repurchase agreement signifies a strategic move for Psychemedics Corporation, aiming to optimize its share structure and bolster its financial standing through this transaction. The successful completion of the agreement demonstrates the company’s commitment to enhancing shareholder value and maintaining financial stability.

For further details on this transaction, interested parties may access the complete 8-K filing on the Securities and Exchange Commission’s website or the company’s investor relations portal.

This news update is based on the official 8-K filing by Psychemedics Corporation with the Securities and Exchange Commission. Investors and stakeholders are encouraged to stay informed regarding company developments by following official disclosures and announcements.

Please note that this news article is for informational purposes only and should not be considered as financial advice or a recommendation to buy or sell securities.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Psychemedics’s 8K filing here.

About Psychemedics

Psychemedics Corporation, together with its subsidiaries, engages in the provision of testing services for the detection of drugs of abuse and other health markers through the analysis of hair samples in the United States and internationally. It offers screening and confirmation by mass spectrometry using industry-accepted practices for cocaine, marijuana, and PCP; amphetamines, including ecstasy, eve, and Adderall; opioids, such as heroin metabolite, morphine, hydrocodone, hydromorphone, oxycodone, oxymorphone, and codeine; synthetic cannabinoids comprising K2, Spice, and Blaze; benzodiazepines consisting of Xanax, Valium, and Ativan; and nicotine, fentanyl and fentanyl analogs, and alcohol.