# EDGAR Filing Document

**Accession Number:** 0001385508
**File Stem:** 0001385508-23-000039
**Filing Date:** 2023-2
**Character Count:** 33614
**Document Hash:** c9873637a01686238265400ee44c8723
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001385508-23-000039.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001385508-23-000039

**CONFORMED SUBMISSION TYPE**: DEFA14A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OPIANT PHARMACEUTICALS, INC.
- **CENTRAL INDEX KEY:** 0001385508
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 464744124
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEFA14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38193
- **FILM NUMBER:** 23595756

**BUSINESS ADDRESS:**
- **STREET 1:** 233 WILSHIRE BLVD
- **STREET 2:** SUITE 400
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401
- **BUSINESS PHONE:** (310) 598-5410

**MAIL ADDRESS:**
- **STREET 1:** 233 WILSHIRE BLVD
- **STREET 2:** SUITE 400
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lightlake Therapeutics Inc.
- **DATE OF NAME CHANGE:** 20091009

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Madrona Ventures, Inc.
- **DATE OF NAME CHANGE:** 20070108

**UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

<u><br></u>

**SCHEDULE 14A**

**PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE<br>SECURITIES EXCHANGE ACT OF 1934**

<u><br></u>

Filed by the Registrant Filed by a Party other than the Registrant ☐

Check the appropriate box:

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| |
|:---|
| Preliminary Proxy Statement |
| **Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))** |
| Definitive Proxy Statement |
| Definitive Additional Materials |
| Soliciting Material under 240.14a-2 |

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**OPIANT PHARMACEUTICALS, INC.**

**(Name of Registrant as Specified In Its Charter)**

**(Name of Person(s) Filing Proxy Statement, if other than the Registrant)**

Payment of Filing Fee (Check the appropriate box):

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| |
|:---|
| No fee required. |
| Fee paid with preliminary materials |
| Fee computed on table in exhibit required by Item25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 |

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The following disclosures were included in a Current Report on Form 8-K filed by Opiant Pharmaceuticals, Inc. concurrently herewith:

**Item 8.01 Other Events.**

On February 6, 2023, Opiant Pharmaceuticals, Inc. ("*Opiant*") issued a press release announcing that, with respect to the pending acquisition of Opiant by Indivior Inc., a Delaware corporation ("*Parent*") and a wholly owned subsidiary of Indivior PLC ("*Indivior*") (the "*Merger*"), on February 2, 2023, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired. A copy of the press release is filed as Exhibit 99.1 hereto.

On February 7, 2023, Opiant issued a press release announcing that, with respect to the Merger, on February 6, 2023, the parties received written notice from the Committee on Foreign Investments in the United States that it had determined that there were no unresolved national security concerns regarding the transaction and that it had concluded action under Section 721 of the Defense Production Act of 1950, as amended, thereby clearing the transaction contemplated by the Merger Agreement. The press release also announced that the Competition and Markets Authority in the United Kingdom elected to take no action with regard to the Merger. A copy of the press release is filed as Exhibit 99.2 hereto.

The parties have received all necessary regulatory clearances required pursuant to the previously announced Agreement and Plan of Merger, dated as of November 13, 2022 (the "*Merger Agreement*"), by and among Opiant, Parent and Olive Acquisition Subsidiary, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("*Merger Sub*"). The Merger is expected to close in the first quarter of 2023, subject to the approval of Opiant's stockholders and other customary closing conditions.

**Cautionary Statement Regarding Forward-Looking Statements** 

This document contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements discuss matters that are not historical facts. Because they discuss future events or conditions, forward-looking statements may include words such as "anticipate," "believe," "estimate," "intend," "could," "should," "would," "may," "seek," "plan," "might," "will," "expect," "predict," "project," "forecast," "potential," "continue", negatives thereof or similar expressions. Forward-looking statements speak only as of the date they are made, are based on various underlying assumptions and current expectations about the future and are not guarantees. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievement to be materially different from the results of operations or plans expressed or implied by such forward-looking statements.

Opiant cannot predict all of the risks and uncertainties. Accordingly, such information should not be regarded as representations that the results or conditions described in such statements or that Opiant's objectives and plans will be achieved and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. These forward-looking statements are found at various places throughout this document and include information concerning possible or assumed future results of Opiant's operations, the expected closing date of the Merger, the achievement and value of contingent value rights in connection with the Merger; business strategies; future cash flows; financing plans; plans and objectives of management, any other statements regarding future cash needs, future operations, business plans and future financial results, and any other statements that are not historical facts. Actual results and outcomes may differ materially from what is contained in such forward-looking statements as a result of various factors, including, without limitation: (1) the inability to consummate the transaction within the anticipated time period, or at all, due to any reason, including the failure to obtain

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stockholder approval to adopt the Merger Agreement or the failure to satisfy the remaining conditions to the consummation of the Merger; (2) the risk that the Merger Agreement may be terminated in circumstances requiring Opiant to pay a termination fee; (3) the risk that the Merger disrupts Opiant's current business and financing plans and operations or diverts management's attention from its ongoing business; (4) the effect of the announcement of the Merger on Opiant's ability to retain and hire key personnel and maintain relationships with its suppliers and others with whom it does business; (5) the effect of the announcement of the Merger on Opiant's operating results and business generally; (6) the amount of costs, fees and expenses related to the Merger; (7) the risk that Opiant's stock price may decline significantly if the Merger is not consummated; (8) the nature, cost and outcome of any litigation and other legal proceedings, including any such proceedings related to the Merger and instituted against Opiant and others; (9) other factors that could affect Opiant's business such as, without limitation, our ability to obtain and maintain regulatory approvals for our products; results of clinical studies; technological breakthroughs in reversing opioid overdoses and treating patients; and delays or unplanned expenditures in product development, clinical testing or manufacturing; and (10) other risks to consummation of the Merger, including the risk that the Merger will not be consummated within the expected time period or at all.

In addition, please refer to the documents that Opiant files with the U.S. Securities and Exchange Commission (the "*SEC*") on Forms 10-K, 10-Q and 8-K. These filings identify and address other important factors that could cause Opiant's operational and other results to differ materially from those contained in the forward-looking statements set forth in this document. You are cautioned to not place undue reliance on forward-looking statements, which speak only as of the date of this document. Except as required by law, Opiant is not under any duty to update any of the information in this document.

**Important Additional Information and Where to Find It**

This communication is being made in respect of the Merger involving Opiant, Parent and Merger Sub. A meeting of the stockholders of Opiant will be held on March 1, 2023 to seek stockholder approval in connection with the Merger. In connection with the Merger, on January 4, 2023, Opiant filed with the SEC a definitive proxy statement and other relevant documents seeking the approval from stockholders of Opiant for the respective transaction-related proposals. This document is not a substitute for the proxy statement or any other document that Opiant may file with the SEC. INVESTORS AND STOCKHOLDERS OF OPIANT ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT OPIANT AND THE MERGER. Investors may obtain a free copy of these materials (when they are available) and other documents filed by Opiant with the SEC at the SEC's website at www.sec.gov.

Opiant and certain of its directors, executive officers and other members of management and employees may be deemed to be participants in soliciting proxies from its stockholders in connection with the Merger. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of Opiant's stockholders in connection with the Merger will be set forth in Opiant's definitive proxy statement for its stockholder meeting at which the Merger will be submitted for approval by Opiant's stockholders and the Annual Report on Form 10-K for the fiscal year ended December 31, 2021. You may also find additional information about Opiant's directors and executive officers in Opiant's definitive proxy statement for its 2022 annual meeting of stockholders, which was filed with the SEC on April 18, 2022 and in subsequently filed Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.

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**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | Press Release, dated February 6, 2023 |
| 99.2 | Press Release, dated February 7, 2023 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**Exhibit 99.1**

**Opiant Pharmaceuticals Announces Expiration of Hart-Scott-Rodino Waiting Period for Proposed Acquisition by Indivior PLC**

**SANTA MONICA, Calif., February 6, 2023** – Opiant Pharmaceuticals Inc. (NASDAQ: OPNT) announced today the expiration of the waiting period under the United States (U.S.) Hart-Scott-Rodino Act of 1976, as amended (HSR Act), with respect to the previously announced agreement for Opiant to be acquired by Indivior PLC (LSE: INDV).

The waiting period expired on February 2, 2023, without any action taken by the Federal Trade Commission (FTC). The HSR Act is a key U.S. antitrust statute that enables the FTC and Department of Justice (DOJ) to review proposed merger transactions by requiring the parties to observe a waiting period before closing their transaction.

Completion of the transaction is subject to the satisfaction of the remaining customary closing conditions, including approval by Opiant stockholders and the receipt of remaining applicable regulatory approvals. Indivior and Opiant continue to anticipate completing the merger agreement in the first quarter of 2023.

**Reminder to Opiant Stockholders**

Stockholders are reminded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Opiant has filed a definitive proxy statement with the Securities and Exchange Commission (SEC) and established January 4, 2023, as the record date for voting in connection with the merger agreement (Agreement). The proxy statement is available at <u>www.sec.gov</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under the terms of the Agreement, Indivior will acquire all the outstanding shares of Opiant for upfront consideration of $20.00 per share in cash at closing, plus contingent value rights (CVRs) representing potential additional payments of up to $8.00 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A special meeting of Opiant's stockholders to approve the acquisition will be held on March 1, 2023, at 9:00 AM, Pacific Time, and can be accessed by visiting http://web.lumiagm.com/254970090. The meeting will be held in a virtual format only and will be accessible through the Internet in order to permit our stockholders to participate from any geographic location with Internet connectivity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All stockholders of Opiant are strongly encouraged to read the definitive proxy statement carefully and in its entirety before voting, and to vote as soon as possible in advance of the special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Opiant Board of Directors unanimously recommends that stockholders vote "FOR" the approval and adoption of the Agreement and the approval of the acquisition.

**For More Information and How to Vote Shares to the Offer**

Stockholders who hold Opiant Shares through a broker or intermediary should promptly contact their broker directly and provide their instructions to vote their shares.

Opiant has engaged D.F. King & Co., Inc (D.F. King) as its proxy solicitor in connection with the voting of shares and the special meeting. Stockholders who need additional copies of proxy materials, to obtain proxy cards or have questions regarding the proposal to be presented at the special meeting are encouraged to reach out to D.F. King by calling 212-269-5550. To obtain timely delivery of documents, stockholders must request voting-related materials no later than February 22, 2023.

**About Opiant Pharmaceuticals, Inc.** 

****<br> Opiant Pharmaceuticals, Inc., is building a leading franchise of new medicines to combat addictions and drug overdose. For more information visit: <u>www.opiant.com</u>.

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***Additional Information About the Acquisition and Where to Find It***

This communication is being made in respect of the proposed merger involving Opiant Pharmaceuticals, Inc. ("Opiant"), Indivior Inc. ("Indivior") and Olive Acquisition Subsidiary. A meeting of the stockholders of Opiant will be held on March 1, 2023 to seek stockholder approval in connection with the proposed merger. In connection with the proposed merger, Opiant filed with the U.S. Securities and Exchange Commission (the "SEC") a definitive proxy statement and other relevant documents seeking the approval from stockholders of Opiant for the respective transaction-related proposals. Beginning on January 6, 2023, Opiant mailed the Definitive Proxy Statement to the stockholders of Opiant. INVESTORS AND STOCKHOLDERS OF OPIANT ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT OPIANT AND THE PROPOSED MERGER. Investors may obtain a free copy of these materials (when they are available) and other documents filed by Opiant with the SEC at the SEC's website at <u>www.sec.gov</u>.

***Participants in the Solicitation***

Opiant and certain of its directors, executive officers and other members of management and employees may be deemed to be participants in soliciting proxies from its stockholders in connection with the proposed merger. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of Opiant's stockholders in connection with the proposed merger is set forth in Opiant's definitive proxy statement for its stockholder meeting at which the proposed merger will be submitted for approval by Opiant's stockholders and the Annual Report on Form 10-K for the fiscal year ended December 31, 2021. You may also find additional information about Opiant's directors and executive officers in Opiant's Definitive Proxy Statement for its 2022 annual meeting of stockholders, which was filed with the SEC on April 18, 2022 and in subsequently filed Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.

***Cautionary Statement Regarding Forward-Looking Statements***

This press release contains "forward-looking statements," within the meaning of Section 27A of the Securities, Act of 1993, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements discuss matters that are not historical facts. Because they discuss future events or conditions, forward-looking statements may include words such as "anticipate," "believe," "estimate," "intend," "could," "should," "would," "may," "seek," "plan," "might," "will," "expect," "predict," "project," "forecast," "potential," "continue", negatives thereof or similar expressions. Forward-looking statements speak only as of the date they are made, are based on various underlying assumptions and current expectations about the future and are not guarantees. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievement to be materially different from the results of operations or plans expressed or implied by such forward-looking statements.

Opiant cannot predict all of the risks and uncertainties. Accordingly, such information should not be regarded as representations that the results or conditions described in such statements or that Opiant's objectives and plans will be achieved and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. These forward-looking statements are found at various places throughout this document and include information concerning possible or assumed future results of Opiant's operations, the achievement and value of contingent value rights in connection with the proposed merger; business strategies; future cash flows; financing plans; plans and objectives of management, any other statements regarding future cash needs, future operations, business plans and future financial results, and any other statements that are not historical facts. Actual results and outcomes may differ materially from what is contained in such forward-looking statements as a result of various factors, including, without limitation: (1) the inability to consummate the transaction within the anticipated time period, or at all, due to any reason, including the failure to obtain stockholder approval to adopt the Merger Agreement, the failure to obtain required regulatory approvals or the failure to satisfy the other conditions to the consummation of the proposed merger; (2) the risk that the Merger Agreement

------

may be terminated in circumstances requiring Opiant to pay a termination fee; (3) the risk that the proposed merger disrupts Opiant's current business and financing plans and operations or diverts management's attention from its ongoing business; (4) the effect of the announcement of the proposed merger on Opiant's ability to retain and hire key personnel and maintain relationships with its suppliers and others with whom it does business; (5) the effect of the announcement of the proposed merger on Opiant's operating results and business generally; (6) the amount of costs, fees and expenses related to the proposed merger; (7) the risk that Opiant's stock price may decline significantly if the proposed merger is not consummated; (8) the nature, cost and outcome of any litigation and other legal proceedings, including any such proceedings related to the proposed merger and instituted against Opiant and others; (9) other factors that could affect Opiant's business such as, without limitation, our ability to obtain and maintain regulatory approvals for our products; results of clinical studies; technological breakthroughs in reversing opioid overdoses and treating patients; and delays or unplanned expenditures in product development, clinical testing or manufacturing; and (10) other risks to consummation of the proposed merger, including the risk that the proposed merger will not be consummated within the expected time period or at all.

In addition, please refer to the documents that Opiant files with the SEC on Forms 10-K, 10-Q and 8-K. These filings identify and address other important factors that could cause Opiant's operational and other results to differ materially from those contained in the forward-looking statements set forth in this document. You are cautioned to not place undue reliance on forward-looking statements, which speak only as of the date of this document. Except as required by law, Opiant is not under any duty to update any of the information in this document.

For Media and Investor Inquiries:<br>Ben Atkins, Opiant<br>(310) 598-5410<br><u>batkins@opiant.com</u>

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**Exhibit 99.2**

**Opiant Pharmaceuticals Announces CFIUS Approval for Proposed Acquisition by Indivior PLC**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *CFIUS clearance represents the final required regulatory approval to complete the proposed merger* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Completion remains subject to the approval of Opiant stockholders; a special stockholder meeting to approve the acquisition will be held on March 1, 2023*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Indivior and Opiant continue to anticipate completing the proposed merger in the first quarter of 2023.*

**SANTA MONICA, Calif., February 7, 2023** – Opiant Pharmaceuticals Inc. (NASDAQ: OPNT) announced today that the Committee on Foreign Investment in the United States ("CFIUS") approved the previously announced Merger Agreement (the "Agreement") for Opiant to be acquired by Indivior PLC (LSE: INDV).

Following the expiration of the waiting period under the U.S. Hart-Scott-Rodino Act of 1976, as amended (HSR Act), which Opiant previously <u>announced</u>, on February 6, 2023, the parties received written notice from CFIUS that it had determined that there were no unresolved national security concerns regarding the transaction and that it had concluded action under Section 721 of the Defense Production Act of 1950, as amended, thereby clearing the transaction contemplated by the Agreement. Additionally, the Competition and Markets Authority in the United Kingdom has elected to take no action with regard to the proposed merger.

The proposed merger remains subject to approval by Opiant stockholders. A special meeting of Opiant's stockholders to approve the Agreement will be held on March 1, 2023. Indivior and Opiant continue to anticipate completing the Agreement in the first quarter of 2023.

**Reminder to Opiant Stockholders**

Stockholders are reminded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Opiant has filed a definitive proxy statement with the Securities and Exchange Commission (SEC) and established January 4, 2023, as the record date for voting in connection with the Agreement. The proxy statement is available at <u>www.sec.gov</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under the terms of the Agreement, Indivior will acquire all the outstanding shares of Opiant for upfront consideration of $20.00 per share in cash at closing, plus contingent value rights (CVRs) representing potential additional payments of up to $8.00 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A special meeting of Opiant's stockholders to approve the acquisition will be held on March 1, 2023, at 9:00 AM, Pacific Time, and can be accessed by visiting http://web.lumiagm.com/254970090. The meeting will be held in a virtual format only and will be accessible through the Internet in order to permit our stockholders to participate from any geographic location with Internet connectivity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All stockholders of Opiant are strongly encouraged to read the definitive proxy statement carefully and in its entirety before voting, and to vote as soon as possible in advance of the special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Opiant Board of Directors unanimously recommends that stockholders vote "FOR" the approval and adoption of the Agreement and the approval of the acquisition.

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**For More Information and How to Vote Shares to the Offer**

Stockholders who hold Opiant Shares through a broker or intermediary should promptly contact their broker directly and provide their instructions to vote their shares.

Opiant has engaged D.F. King & Co., Inc (D.F. King) as its proxy solicitor in connection with the voting of shares and the special meeting. Stockholders who need additional copies of proxy materials, to obtain proxy cards or have questions regarding the proposal to be presented at the special meeting are encouraged to reach out to D.F. King by calling 212-269-5550. To obtain timely delivery of documents, stockholders must request voting-related materials no later than February 22, 2023.

**About Opiant Pharmaceuticals, Inc.** 

****<br> Opiant Pharmaceuticals, Inc., is building a leading franchise of new medicines to combat addictions and drug overdose. For more information visit: <u>www.opiant.com</u>.

***Additional Information About the Acquisition and Where to Find It***

This communication is being made in respect of the proposed merger involving Opiant Pharmaceuticals, Inc. ("Opiant"), Indivior Inc. ("Indivior") and Olive Acquisition Subsidiary. A meeting of the stockholders of Opiant will be held on March 1, 2023 to seek stockholder approval in connection with the proposed merger. In connection with the proposed merger, Opiant filed with the U.S. Securities and Exchange Commission (the "SEC") a definitive proxy statement and other relevant documents seeking the approval from stockholders of Opiant for the respective transaction-related proposals. Beginning on January 6, 2023, Opiant mailed the Definitive Proxy Statement to the stockholders of Opiant. INVESTORS AND STOCKHOLDERS OF OPIANT ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT OPIANT AND THE PROPOSED MERGER. Investors may obtain a free copy of these materials (when they are available) and other documents filed by Opiant with the SEC at the SEC's website at <u>www.sec.gov</u>.

***Participants in the Solicitation***

Opiant and certain of its directors, executive officers and other members of management and employees may be deemed to be participants in soliciting proxies from its stockholders in connection with the proposed merger. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of Opiant's stockholders in connection with the proposed merger is set forth in Opiant's definitive proxy statement for its stockholder meeting at which the proposed merger will be submitted for approval by Opiant's stockholders and the Annual Report on Form 10-K for the fiscal year ended December 31, 2021. You may also find additional information about Opiant's directors and executive officers in Opiant's Definitive Proxy Statement for its 2022 annual meeting of stockholders, which was filed with the SEC on April 18, 2022 and in subsequently filed Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.

***Cautionary Statement Regarding Forward-Looking Statements***

This press release contains "forward-looking statements," within the meaning of Section 27A of the Securities, Act of 1993, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements discuss matters that are not historical facts. Because they discuss future events or conditions, forward-looking statements may include words such as "anticipate," "believe," "estimate," "intend," "could," "should," "would," "may," "seek," "plan," "might," "will," "expect," "predict," "project," "forecast," "potential," "continue", negatives thereof or similar expressions. Forward-looking statements speak only as of the date they are made, are based on various underlying assumptions and current expectations about the future and are not guarantees. Such statements involve known and unknown risks, uncertainties and other factors that may cause our

------

actual results, level of activity, performance or achievement to be materially different from the results of operations or plans expressed or implied by such forward-looking statements.

Opiant cannot predict all of the risks and uncertainties. Accordingly, such information should not be regarded as representations that the results or conditions described in such statements or that Opiant's objectives and plans will be achieved and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. These forward-looking statements are found at various places throughout this document and include information concerning possible or assumed future results of Opiant's operations, the achievement and value of contingent value rights in connection with the proposed merger; business strategies; future cash flows; financing plans; plans and objectives of management, any other statements regarding future cash needs, future operations, business plans and future financial results, and any other statements that are not historical facts. Actual results and outcomes may differ materially from what is contained in such forward-looking statements as a result of various factors, including, without limitation: (1) the inability to consummate the transaction within the anticipated time period, or at all, due to any reason, including the failure to obtain stockholder approval to adopt the Merger Agreement, the failure to obtain required regulatory approvals or the failure to satisfy the other conditions to the consummation of the proposed merger; (2) the risk that the Merger Agreement may be terminated in circumstances requiring Opiant to pay a termination fee; (3) the risk that the proposed merger disrupts Opiant's current business and financing plans and operations or diverts management's attention from its ongoing business; (4) the effect of the announcement of the proposed merger on Opiant's ability to retain and hire key personnel and maintain relationships with its suppliers and others with whom it does business; (5) the effect of the announcement of the proposed merger on Opiant's operating results and business generally; (6) the amount of costs, fees and expenses related to the proposed merger; (7) the risk that Opiant's stock price may decline significantly if the proposed merger is not consummated; (8) the nature, cost and outcome of any litigation and other legal proceedings, including any such proceedings related to the proposed merger and instituted against Opiant and others; (9) other factors that could affect Opiant's business such as, without limitation, our ability to obtain and maintain regulatory approvals for our products; results of clinical studies; technological breakthroughs in reversing opioid overdoses and treating patients; and delays or unplanned expenditures in product development, clinical testing or manufacturing; and (10) other risks to consummation of the proposed merger, including the risk that the proposed merger will not be consummated within the expected time period or at all.

In addition, please refer to the documents that Opiant files with the SEC on Forms 10-K, 10-Q and 8-K. These filings identify and address other important factors that could cause Opiant's operational and other results to differ materially from those contained in the forward-looking statements set forth in this document. You are cautioned to not place undue reliance on forward-looking statements, which speak only as of the date of this document. Except as required by law, Opiant is not under any duty to update any of the information in this document.

For Media and Investor Inquiries:<br>Ben Atkins, Opiant<br>(310) 598-5410<br><u>batkins@opiant.com</u>

<br>