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I fear when there is a quick CFO rotation more than CEOs. They are closer to the books. I think in this case, CFO is an exec and when their voice isn’t heard they leave. Nasrat has a passive BOD in his pocket and does as he desires.
The timing is the difference. If Elite reacted quickly they can bring in a fractional CFO to help with the work. Otherwise, yes Elite will be looking at a delayed filing. I’m hoping they went the wise route of bringing in a contractor.
I’m hoping they hired a consultant to backfill the CFO to help with the financials. Otherwise, we’re looking at a delay as well.
Without CFO financials will likely be delayed.
Funny, you haven’t added one comment as to how either of those CFOs added value. Janitor on staff at the time added as much value as either CFO to drive sales.
And everything that Nasrat says happens. Oh wait.
FDA can’t stop us.
How is that 3-prong strategy working out, just one will get company to $1?
How are all those hand picked CFOs that he so highly praised?
I disagree. When the stock has meaningful news it will draw in new buyers. Meaningful, meaning solid international business or successful sales driving revenue into 100M plus in revenue from generic Oxy. These tiny ANDAs do absolutely nothing. However, these buyers will be retail only, but it will provide adequate price stabilization and momentum for when we do uplist.
Without news to substantiate any share price lift, it is extremely doubtful.
Product was already well in place & CFOs don’t drive sales. Sad that Elite can’t keep a CFO around except at talent level of Carter Ward, which is really painful as a shareholder.
The insinuation that the CFOs did anything to drive revenue was simply put, categorically false.
Lol pray tell what exactly did these CFOs do differently from the already chartered course to drive this growth? Train was already moving. They just happened to get on for one stop in the same direction.
Last 2 CFO’s were outstanding additions too. How did that fare?
His inferences can’t seem to get through that crazy R&D cycle, but we can get peanuts through.
This paragraph says it all:
Overpromising and underdelivering is frankly the death knell of any small-cap company, but it’s especially punishing for uplisted companies because they are often unknown and lack institutional sponsorship. When uplisted companies start out their lives on Nasdaq or NYSE by failing to achieve the expectations they’ve set for the market, it’s nearly impossible for them to recover.
ELTP is the king of over promising and underdelivering. I have been saying this for years. If you want to play on a bigger exchange you need to at least attempt to act like it.
Ain’t happening this year. Not a chance.
Ch 11 is reorg. Business doesn’t stop and you keep operating. Debts can potentially be restructured and often shareholders wiped out.
Ch 7 - liquidation. Business stops operating and someone buys assets and company disappears.
There is no contradiction. I don’t want simple news. I want execution to stabilize the share price and start chipping away at the excess float. Without shares actually being it the price wouldn’t be a permanent move north.
I’d buy that, but there are no Form 4’s filed so no management is selling except for Jerry Treppel several years ago.
His total comp is in a different league than what Elite could afford. It’s on par with Nasrat’s. If Elite goes that route, they are choosing to invest in leaders and not the company. Too many resources tied up in comp away from company investments - IT, IR, prod dev, compliance, operations, etc. A million bucks per year goes a long way to help Elite keep moving forward.
That’s ridiculous. News wears off without execution. They need to announce and execute a buyback when the timing is right. Now isn’t the time.
Buyback programs need to be communicated of their approval prior to execution. This would have an effect on share price as it’s a signal to stable cash flows and strong signal the stock is at a discount.
Correct, but not in magnitude.
We won’t know until Aug call unless CEO divulges insights on subsequent Q. Next call we have covers through end of March when still under Lannett partnership.
*uplisting, not uploading
I see the timing being associated with uploading with wanting more tailwinds than headwinds. Right now with no CFO, no certainty around how soft of a landing we’ll have post-Lannett, macro economy has challenges, product lineup moves as fast as molasses in January, etc. Let’s move some headwinds to tailwinds and have PR momentum work in our favor to uplist.
Completely disagree. Timing isn’t right. Let’s survive post Lannett split and actually get some new products flowing driving new revenue and new interest. International growth would be nice to see as well. Looking forward to seeing profitability without Lannett and hopefully soon, without Mikah’s ownership of Adderall.
So what? To prevent 10 more individual retail stockholders from buying 5 shares a piece?
This change has absolutely nothing to do with where the real money is - investor funds, namely passive funds. More stock ownership today is held in passive funds than active. The stock needs to qualify for a higher exchange and specific fundamentals to draw new ownership from investment funds. While the CEO plays pick up sticks with CFOs our stock languishes and a whole peso can just about buy you two ELTP shares.
The restrictions on OTC buying are anything but new. This simply shows the management’s awareness of the shareholder concerns and ignores them. There is only one shareholder the CEO cares about.
Not paying interest was strategic in nature. This won’t be a chapter 7 with insulin glargine to be realized over next couple years. No need for ch 11 either if they can successfully negotiate with key creditors. One option discussed which was a debt to common equity conversion, which would significantly dilute current shareholders. Either way, Lannett will be around for many years to come. I just wouldn’t buy their stock right now. :)
They can prove it with their financials and not mere words. I’m sure pharma world is shaking in their boots.
Potential negative cash flow would dictate otherwise due to revenue drop. I’ll certainly be looking at current quarter as well.
What is there to say that he hasn’t said already? I want to see results. Next 2 quarters post-Lannett will be telling.
Now they can start building inventory to ship.
If they don’t succeed in moving away from Lannett, then the share price could go much lower as there’s no revenue to hold this up. I am expecting we’ll be just fine, but will have some hiccups along the way. We always do.
10Ks say Mikah was winding down for several years, but apparently wasn’t really the case.
Precisely. They need to uplist after successfully transitioning away from Lannett with new products. Tiny bread crumb products aren’t going to move the stock price.
I agree with your commentary. This stock is on the OTC with no buyers to drive the stock up. This does happen on larger exchanges with significant fund ownership, but not the case here.
Would be nice to first see a drug application for generic Vyvanse before counting it a done deal.
Was discussed last cc during CEO commentary. DEA didn’t permit Elite selling inventory for Lannett while simultaneously building inventory for self distribution post split.