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ok, thanks Amigo.
I believe this is a clear sign of the reputation f..ing idiot of Odidi has !!
incompetent con man
WeeZ, one more thing.
I was put in confusion by the fact that the form contains 3 different reporting persons, and below each corrisponing name you can find written
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
so I give up, since legal/regulatory english is too much for me
if that is the case he reduced his holdings on the day before the gap down...as stockings showed in her post; if eventually he bought some of the offering we know for sure who was one of the forces driving the price down.
if he just plainly reduced, then ipci is going very fast towards a ch11 becuase he likelu had more than a simple look at company books.
good luck everybody, to you WeeZuhl as well for your ELTP investment.
My way of reading it is: Boyd has collectively 586'500x3 shares, each trance to a different benefical owner not surpassing 9.99%
Armistice Capital LLC
Armistice Master Fund
Steven Boyd
So he decreased the quota in Armistice Capitall LLC.
still impossible to say which % of ownership, beacuse I cannot understand if they were purchased before the offering (they occurred on 11 of Oct) or they were part of the offering.
I maybe wrong, so I do hope someone can clarify if he has a clear understanding
if we take a mid price (open-close) boyd bought at 0.9 837'400 new shares...more likely the avg could be at 1.
this means that in a matter of a few days he is down more than 300K.
Interesting to know if those buying are pre-offering or in-the-offering (which seems unlikely given the pricing was made this thursday/wed if I remember well).
It looks like Boyd is forcing Odidi into a corner, something which will likely end up in ipci being dismantled as it is now. it will be little money for us and a big profit for Boyd.
I see this happening in 6-9 months. I believe Odidi has no idea how this is going to end...he just thinks to his and his wife salaries..becuase he has no idea of what to do anymore.
Could very well be the case....
anyway try to get some info about the pre-funded warrants concept and use.
They are in the offering just for Boyd.
Sorry I don't have a translation for this, except I believe he will made a lot of money while many of us won't ever reach 1/5 of what invested.
And how is it going with ELTP ? tried to make some DD and read the IH board...cannot understand if they are really about to make a turn up.---or down
thanks stockings !
the only slight positive here. Boyd still around and willing to double down or more...let's try to desume which will turn out to be his next break even point for his total ownership.
that would likely be the possible target in 6-9 months (I am guessing around 1.5-2$ max)
hopefully he will get in control at some point
Odidi management has been suicidal.
Whoever is buying the offering has either a long warrant short shares OR have some confidential info based on which they put money....@ 0.75 (0.075)...so even going to 2.00 it is a lot of money for them
they are trading @ 25% below the offering price.
Market seems to be considering the company as almost dead due to total management failure. NASDAQ compliance seems to be difficult to obtain...they are now behaving like penny-land stocks/companies.
The reason the offering is covering the 12months burn rate is just for Nasdq compliance (the proven 1year sustainability).
I am surprised to still see Boyd around (even if he could already have sold off its shares; given the delay allowed for the SEC filing.)
From the Q3 notes it seems they are trying to push Oxy ahead on their own. Let's see which are the final data on HAP/HAL studies. If they are not above the competition the end is very close.
"provide investors that have restrictions on their ability to own a company’s securities above a designated ownership threshold (typically, 9.99% or 19.99%) with the opportunity to invest additional capital without violating the investor’s ownership restrictions"
pre-funded have been done for a reason; the only shareholder which has just less than 20% is Boyd. And I remember somthing about restrictions on votes made to Boyd if he goes above 20% (was included in one the many offerings back in the past)
anyway, it is just an hypothesis...otherwise I don't see the legal reason for the pre-funded warrants
if I had to tell it by my gut, this is done for Boyd...but since my gut led me into this nightmare...forget it!
Updated prospectus just released.
After a brief research
Why Use Pre-funded Warrants?
The purpose of using pre-funded warrants is to provide investors that have restrictions on their ability to own a company’s
securities above a designated ownership threshold (typically, 9.99% or 19.99%) with the opportunity to invest additional
capital without violating the investor’s ownership restrictions. A pre-funded warrant provides a holder with the flexibility
to avoid exceeding the designated ownership threshold prior to the warrant’s exercise while still maintaining the ability to
immediately acquire the underlying securities at a nominal exercise price when the investor is ready to do so. Pre-funded
warrants allow the company to receive almost all of the cash proceeds immediately upon the warrant’s issue at a time
when the company’s underlying valuation is likely difficult to obtain or uncertain, instead of waiting until the warrant is
exercised. Additionally, including the option to use pre-funded warrants in a transaction potentially expands the pool of
prospective investors by resolving certain ownership concerns in certain circumstances.
the offering indicates 870K shares and two types of warrants which entitles to a cumulative n number of share equal to 32+Mln Common shares.
so we are speakinf of a company which has 4.4mln shares and files for an offering with warrants allowing for a dilution of 90%.
The filing also use the term Underwriter (while in the past I have seen used UnderwriterS)...could be na hint or nothing.
I am not sure how the price below 1$ could affect the NASDAQ hearing.
anyway, I am speaking form the perspective of someone who has no more hopes to break even...not remotely.
wimusky, this Whole offering is opaque, with different kind of shares and warrants.
the only Common shares indicated to be sold (827K) would point to un under-Subscription...which likely caused the issuance of multiple layers of warrants (instead of just one per share).
for me it is very difficult to understand the entire operation.
I do hope that Odidis as well are not getting the precise meaning and turn out to lose the company.
a couple of days and we will see
we have to try our best to spread the word
reputation reputation reputation
we just have to be factual and report on every news website and social media.
we have to be sure that those same nigerian and Canadian news websites which hosted Odidi's interview and often pictured him like a guru, a frontrunner...
a factual description of what happened to his wonderful story; a link to a stock chart will help a lot but also pointing to the quarterly releases will show how full of s..t he is.
then, to those who use facebook and twitter, spreading a factual story on those financial channels which have a lot of followers will help letting poeple know who Odidi and his BoD truly are.
karma will do the rest
Post-offering ownership
After the new offering, IPCI will have 4.4+17.4mln shares (excluding those coming from warrants) = 21.8Mln shares
Odidiot Holdings, if not increasing, will have 578K shares or 2.7% of the company
I do hope to some someone @ 40%.
anyway it is now clear that we are never going back to last summer value: we are now trading at a pre-RS of 0.06$...therefore even going to 1$ (or 10$ now) it is a 20x.
but the real obstacle to go back there (10$) is that at 10$ the company would have a mkt cap of...218mln !!!
these numbers don't lie, Odidi does
Reason he postponed NASDAQ ringing bell is that he feared that if asked "did u perform studies that prove u can do it ?" at that point he would have been forced to use his famous AdComm answer
...
"Ehm, NO"
They work head down all time to find the next financing solution.
LoL... thanks for making me smile
They placed 17.3mln for a coompany having 4.4mln shares.
I would pay to see a single shareholder buying this sinking ship and see Odidi, his wife, Akempyon, the BoD being kicked out with blame.
I don't care if I lost everything, they have to lose everthing as well.
What a dream team
"Bloomberg: Intellipharmaceutics International offering prices 17.4m Unitsvia Wainwright Bank & Trust.
Intellipharmaceutics International proceeds of $13m to be used for:
General corporate purposes which may include working capital, capex, R&D, accounts payable and other commercial expenditures
Each Unit consists of one common share and one warrant to purchase one Common Share, expected to close Oct. 16
"
pre-market points to already wiping out the new additional shares effect...thank god Tomorrow is saturday
but expect a new increase of the offering on monday
then, imagine the credibility of the magic team in front of the NASDAQ committee
We will get destroyed today...he is a con
Clearly it is shareholders fault according to someone
I feel I throw up
it's over...they have nothing to cause a price jump in the next days otherwise there would be no need to issue new shares on a daily basis to adjust to the price plummeting.
at this point delisting seems to be inevitable. I expect the priced to be pushed down at levels we were pre-RS.
crazy
yes. it looks like. odidi's brain is dead
Further 1.2Mln $ in new shares...wtf is going on ?
is it a joke ?
Wrote to Odidi at the beginning of the year asking him to avoid the death spiral.
Now could somebody send him a very basic explanation that says if you dilute x% with new shares the market is gonna adjust by -X% (lacking any other catalyst) ?
It seems he misses some of the very basilar concepts in financial mkts
Likely, Patient looks more than a puppet here.
A further increase in the number of shares would mean we are very close to THE end... delisting we are coming.
Yes, partnership and strategic decisions are made by shareholders.
CEO is a victim of shareholders.
This why the land ipci buildings are on are worth much more than ipci itself... It's because of shareholders...who by the way are in major part longtime holders.
Are you serious?
Their revenue is now less than 200k per month, one NDA could be a fake, the other was severely incomplete and we don't if results are good, Prodras disappeared so to me is just a concept, pending ANDAs are likely ghosts (just filings which we don't know anything about).
+ 50 employees working on..??
Is this an orchestrated scam ??
Nothing is logical here
The counting of days below 1$ starts anew.
But Nasdaq will be more stringent next week about the 12months sustainability.
Nasdaq delisting is a likely possibility.
Would love to meet Patient in person...just curious about his skills
I'm checking it everyday...still there 800K shares or 19.75%
1 mln shares Yesterday morning, 1mln today...it looks like the offering is running.
still 6.6mln
Let's wait through the next days hoping for a SEC filing of new/increased ownership
Preliminary Q3 results ... negative net equity
Revenue 400k... They are not selling a f...ing generic
F..k. They increased the n of issuable shares to 8.6 Mln
F..kkkk
Up to 8,695,652 Units (each Unit contains one Common Share and one Warrant to purchase one Common Share)
Up to 8,695,652 Pre-Funded Units (each Pre-Funded Unit contains one Pre-Funded Warrant to purchase one Common Share and one Warrant to purchase one Common Share)
(8,695,652 Common Shares Underlying the Warrants) and
(8,695,652 Common Shares Underlying the Pre-Funded Warrants)
NASDAQ (de)Listing requirement: minimum mkt 38mln OR equity 2.5mln
+ sustainability for next 12 months
We are not there ! With share price @ 1, even a full subscrition of new 6mln would raise 6 mln in equity...which should be burned in much less than a year
if they release conclusive data in the next days and (provided they are good) they afterwhile announce Purdue lawsuit settlement + Purdue partnership for oXY ...then we are save and likely start a major repricing.
Who does it see happening ?
My prediction of it occuring is 0.1%
So on Friday the put out the prospectus saying oral studies still to commence and on Wednesday the write completed.
Boyd had 8mln shares pre RS bought between 1.10 and 0.6.
Therefore about 5-6 Mln...so you are right.
And he is down almost 5mln on ipci investment.
Anyway today it looked like he could be him dumping his position. If that is confirmed in next days filings I am out the second after I get to know it