Note 19 - Acquisition of Controlling Interests in the Company

12 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

NOTE

19.

ACQUISITION OF CONTROLLING INTEREST IN THE COMPANY

On

November 14, 2018,

B. Riley Financial, Inc. (“B. Riley”) and FBIO Acquisition, Inc. (“FBIO Acquisition”), a subsidiary of Fortress Biotech, Inc. (“Fortress”), entered into a stock purchase agreement whereby FBIO Acquisition agreed to sell FBIO Acquisition's majority stake in the Company to a wholly-owned subsidiary of B. Riley (the “FBIO Sale”). In connection with the FBIO Sale, the Company entered into an agreement with B. Riley (the “B. Riley Agreement”), pursuant to which B. Riley agreed to certain customary standstill provisions, effective as of the date of the B. Riley Agreement through

December 31, 2021.

B. Riley Proposal

On

April 30, 2020,

B. Riley and the Company entered into a waiver of certain provisions of the B. Riley Agreement and in connection therewith, B. Riley amended its Schedule

13D

filing relating to the Company and sent the Board a letter containing a proposal regarding the Company. The Company's Board formed a Special Committee of non-executive, independent directors to review the B. Riley proposal.