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Or at least contract mfg updates to drive revenue...even though Nasrat dissed this in the past due to the low margins.
How did the superior tech for abuse resistant opioids pan out with the hundreds of millions of shares of dilution? We did get trimaprimine and maybe Loxapine one day.
Agreed
I would say that when a new CFO comes on board they like to clean up the financial house so to speak. Usually the first quarter under their belt is them cleaning up the books and getting rid of all bad financial news to start clean slate. Elite is pretty bare bones as it is, but just an FYI come Q1 report ending June.
It’s also based on the reality of today’s situation. I don’t think Nasrat will sell out until he builds out and can actually execute on a pipeline. It will take several years though...
My guess is they went the route of least resistance like choosing Lannett. This is a newbie CFO. Great controllership responsibilities, but having clean Financial records is only the start for a CFO.
For some reason, I think you would accept 3 cents/share if that was the agreed upon price. What are you going to do otherwise?
It could, but not happening. You don’t expel the CFO prior to a merger or acquisition. You keep them on temporarily until the transition has taken place.
I will say that I am eager to hear about the pipeline that LePree is building out as it is basically non-existent today.
Per last cc, “We will start running clinical trials very soon, within weeks.”
Trials take a long time, but we should know more about their strategy later this year. Hopefully CFP continues so they can continue to fund ops, R&D, maintain nice liquidity buffer and eventually Nasrat’s payroll.
3-bucket strategy has gone the way of SequestOx, so perhaps Elite needs a 20-prong strategy to see if more can stick to the wall this time.
Elite could have eaten the penalty vs increasing share count.
Exactly. I think Adderall will start stabilizing in lieu of dropping the last couple quarters and soon will start picking back up as life starts to normalize. Most youth in the nation are back at school on site. Colleges are going back with social distancing as more and more get vaccinated. Virus becoming less of a concern in the US market.
Conversion to common was ill timing. His expectations on Adderall market penetration were much much higher than we’re executing at. Company continues to limp along, but is at least CFP. This next Q will provide significant insight on the Adderall products and trending as more normalization has taken place of life.
Usually exec searches take MONTHS as the BOD gets involved along with CFO, etc.
I don’t disagree. And the lack of live Q&A simply causes more confusion.
From couple cc’s ago:
“We expect to launch this product in Q1 of 2020.”
They initially were expecting API back in Nov and then moved to February. Q1 could mean calendar or fiscal. If fiscal, they have until June to launch a tablescrap product.
Loxapine expected to save the day? ??
CEO said no dilution at this price. Catch 22. When and if stock price increases...
Lannett is rebuilding their pipeline after top line got hit hard within past couple years. Elite gives them no ROI at this point for where Lannett needs to be near term. If Elite builds out a reasonable pipeline they could be a value play, but not for a long time.
So the way that shareholders were communicated that Mikah was winding down business operations when Nasrat became CEO we shouldn’t have heard that they own 50% Sungen Adderall product. Just saying.
He can neither buy, nor sell at this point until the quarter is over. After he leaves, he still cannot sell/buy on insider information.
That is conjecture. Him giving notice to Elite to leave for whatever reason, is fact.
There could be a million reasons why he left and we will never know. Could be due to concern about the future, results, starting over pipeline again, share ownership value hasn’t changed in 8 years, etc.
Simply put, if he saw huge share price potential, he would stay so he could continue buying more shares. Him leaving says more about the situation beyond just written word in the 8-K.
Please read the 8-K. Public filing tells the story. Plus, an immediate successor would have been announced to minimize uncertainty by investors. What do investors hate more than bad news? Uncertainty. And this management knows how to deliver strong results of uncertainty.
You don’t sell so you can buy lower.
Not sure if you’re insinuating that the selling is the departing CFO, but it couldn’t be him...yet.
Exec leaving on good terms do stick around for about 4-6 weeks to help with transition and get things in order. Rarely is there any overlap in time between them, from my experience.
Lol You do realize this is a basic public company practice, correct? Please enlighten me otherwise as I’m always happen to learn.
Please also show me an example of insiders selling between fiscal end and earnings release. The only way that I know that it can be done is through pre-arranged buy/sell plans that cover multiple years otherwise you’re asking for an SEC letter. Since there is no such case here from a selling standpoint, any selling would have to wait until earnings release. I’m not saying CFO is selling, but if he does a Form 4 is required within 3 business days. That requirement shouldn’t be a surprise to anyone at all.
Because that is what it is. This is the standard for insiders for any publicly held company. Insiders, especially those in finance/acctg, cannot buy/sell after a quarter closes and before results are announced otherwise it would be insider trading.
An insider could sell the day after earnings and we wouldn’t find out about it until a few business days later when a Form 4 is filed.
This is a blackout period for any insider - quarter is completed with results not yet made public. He couldn’t sell if he wanted to.
Organizations that do a reverse split can include the same for total authorized, so as total outstanding shares decrease the total authorized can decrease as well. This can and does happen.
Elite has zero leverage in an acquisition right now until it can consistently grow top and bottom line far greater than the company is doing today, which makes sense to pursue an up listing via R/S to stabilize the price, increase liquidity and raise funds for investments since organic growth is pretty poor, at best.
Except justifying current price is hard enough let alone higher with a lack of pipeline and strategic execution over the past 8 years.
This should be a sticky.
May want to add Trimipramine product has been on a slow boat for 6 months.
Except that’s the same promise under the same CEO. Same trend - lower highs and lower lows.
I’m expecting a delayed 10K filing
Agree 100%
Nasrat said they would uplist 2+ years ago. That goal is still the carrot dangling in the short to mid term. Several years out at best if done organically or much quicker with a reverse split. Nothing substantial is filed to even remotely think they can get there without a R/S.
More fake news. No halt according to FINRA. Just zero interest.
Wow, based on what news, Loxapine?
Short to mid-term could be several years away, especially on ELTP time line when a few weeks means several months.
They had to restate financials under Carter due to misapplication of basic accounting treatment of the Epic payment. They tried to apply it all at once as revenue in lieu of recognition of revenue over the duration of the contract. Was significant enough to warrant restatement. Ouch.
Preferred stock dividend will be out of the question. They are going for simple for a future buyout or merger.