Innovation Pharmaceuticals Inc (IPIX)

[John B]

I agree. Based on the context on the web where the term "operating history" is used it most likely tied to revenue. It is surprising that the Nasdaq definitions and the "pedia's" of the web do not have a definition. It would be safest to conclude that they do not qualify for this part of the $2 shareprice requirement for Nasdaq uplist.

CTIX has raised enough cash via Aspire to meet the shareholder equity requirement of $4 million. So, I guess if they want to go to the Nasdaq bad enough, they could raise cash via Aspire to get net tangible assets of $5 million, which looks like it does not require operating history. They would need to raise at least an additional $4 million via Aspire after Oct 27.

That is this part (in bold) of the $2 SP Nasdaq requirement:

** To qualify under the closing price alternative, a company must have: (i) average annual revenues of $6 million for three years, or (ii) net tangible assets of $5 million, or (iii) net tangible assets of $2 million and a 3 year operating history, in addition to satisfying the other financial and liquidity requirements listed above.

This could actually explain a few things:
A) The delay in uplisting. It would take some time to raise the capital via Aspire.
B) The timing of the shelf. If they chose this route they would use up most of their Aspire deal. They might as well liquidate the Aspire deal, and they would want possible future financing in place.

This is just throwing out another possible theory so we are not surprised if it happens. I am not sure that this would be worth doing to go Nasdaq instead of NYSE-mkt.
I have a feeling we will find out shortly.