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So Doog- They are registered shares then. And they are owned by IPCI shareholders until the warrants are paid for. So how could or would someone go about shorting against these shares? Could these shares be borrowed to short against?
Blue- I have no thoughts on Aurobindo purchase. I believe if no approval in 2018 MNK can terminate the agreements on the other two drugs. I don't think they have to, but they can. I remember talking to someone at IPCI about the termination of those two last year. They made it sound like approval was coming and there was no issue at all about this deal being canceled... I wonder what they would say now? What is going on with the approvals? Pretty sad...
Blue- You have to wonder what these 50 people do all day? I mean they aren't producing Seroquel that is for sure. I am getting the impression Odidi is in over his head and things are coming to a head awfully fast. The crashed PPS coupled with no revenue really does not leave him many options.
Blue- I know you asked Samsa... But I will answer... Odidi will just sell more shares! He won't partner anything... He won't license anything... Him and his buddies won't hard to make a product a financial success... He won't correct the CRLs and get an approval... He won't start selling products internationally... He won't cut salaries and unneeded employees... he won't sell off an asset/product... Even though he has many options available to him, HE WILL JUST SELL MORE SHARES!!!!!
wimike- What makes no sense is how the Odidi's feel they still are entitled to these large salaries. Last year they promised cash flow positive status. Their vision failed and the ANDA pipeline did not deliver the revenue as they promised. Yet, they feel they should still be paid an enormous amount for poor performance. They are paying these salaries through shareholder dilution. There will not even be enough revenue in 2018 to cover their salaries alone! WOW!
Tilator- Yes, hypothetically, maybe they went to the markets and no one wants to buy? But it seems always someone there as long as you lower the price and give them warrants.
So TREND- How does this make way for the R/S?
Blue- Yes why would IPCI pay $145K for this with only $200K left? Boy, either we are all missing something or the mismanagement gets worse and worse every day.
blue- The shares are registered and can be sold once the warrants are exercised. That is how I read it.
blue- I read it the same way as you.
beach- I hope that is the case. No one needs a fire lit under him as much as Odidi. That guy is worthless, lazy, piece of crap that has dilly dallied playing CEO and Scientist for years. Absolutely no excuse for his poor performance, his sense of entitlement and his detachment from reality.
Samsa and Angelo- I agree for the most part what you said. However, I see no place in that filing that definitively said they would pay $0.455 to exercise those warrants. I saw that number mentioned but the footnote said that was used only to figure filing fees.
wimike- Do you think the great and arrogant Odidi will take a paycut in order to be able to throw some scraps to the minions he like to keep around in this excuse of a company?
tilator- Are you saying they get the shares for absolutely nothing?
Tilator- I did not see anything in there about strike prices being changed.
Fabius- I think you are right. The guys said no more money until you show us progress. If that is what is happening I like that. I also think IPCI agreed to this to get them to vote for R/S.
They probably offered these guys warrants to get them to vote for R/S?
Weezuhl- Yes, now that I have had time to read it, it looks like they sold warrants that could be converted to common shares at certain strike prices.
The more I look at this, the more I think it is to block Odidi from doing another offering. The face value of this is the prospectus calls for a "RESALE OFFERING" of shares these guys already own- for sale through underwiters, etc at $0.45. There are 6M+ shares there. So I am guessing this offering may in effect block Odidi from doing another offering of his own. Would like other opinions on this.
Looks like Anson, Sabby, Armistice and more people are selling shares here. So now more than 6M shares on the market at $0.45. So how will Odidi get the money he needs to continue on? These guys are selling... They don't want any more... There is a surplus of shares out there... So how will he do another offering???
Here are the people selling the shares:
To our knowledge and except as noted below, none of the selling shareholders has, or within the past three years has had, any
position, office or other material relationship with us or any of our predecessors or affiliates.
Beneficial Ownership Before
This Offering Shares Underlying
Beneficial Ownership After This
Offering
Selling Shareholders
Number of Shares
Owned Percentage
Warrants Offered
Hereby
Number of Shares
Owned(1) Percentage(1)
Anson Funds Management LP
(2)
c/o Anson Advisors Inc.
155 University Ave., Ste. 207
Toronto, Ontario, Canada
M5H 3B7 1,613,613 (3) 3.6% 1,833,333 155,280 *
Armistice Capital Master Fund
Ltd. (4)
c/o Armistice Capital, LLC510
Madison Avenue, 22nd Floor
New York, NY 10022 10,967,425 (5) 23.9% 3,492,425 8,600,000 17.1%
Sabby Volatility Warrant
Master Fund, Ltd.(6)
c/o Sabby Management, LLC
10 Mountain Road, Ste. 205
Upper Saddle River, NJ 07458 909,191 (7) 2.0% 909,091 Nil *
Mark Viklund*
430 Park Avenue, 3rd Floor
New York, New York 5,455 (8) * 5,455 Nil *
Noam Rubinstein*
430 Park Avenue, 3rd Floor
New York, New York 149,147 (9) * 196,397 Nil *
Charles Worthman*
430 Park Avenue, 3rd Floor
New York, New York 4,735 (10) * 6,235 Nil *
Michael Vasinkevich*
430 Park Avenue, 3rd Floor
New York, New York 314,148 (11) * 415,398 Nil *
*Less than 1%
(1)
Assumes all shares to be sold in this offering are sold.
(2)
Anson Advisors Inc. and Anson Funds Management LP, the Co-Investment Advisers of Anson Investments Master Fund LP
(“Anson”), hold voting and dispositive power over the Common Shares held by Anson. Bruce Winson is the managing member of
Anson Management GP LLC, which is the general partner of Anson Funds Management LP. Moez Kassam and Amin Nathoo are
directors of Anson Advisors Inc. Mr. Winson, Mr. Kassam and Mr. Nathoo each disclaim beneficial ownership of these Common
Shares except to the extent of their pecuniary interest therein. The principal business address of Anson is 190 Elgin Ave; George
Town, Grand Cayman.
(3)
This amount does not include 375,000 Common Shares issuable upon exercise of warrants issued in March 2018 and registered for
sale under this prospectus, which are not currently exercisable. All of the Anson warrants, pursuant to their terms, may not be
exercised to the extent such exercise would cause the holder, together with its affiliates and attribution parties, to beneficially own
a number of Common Shares which would exceed 4.99% of our then outstanding Common Shares following such exercise,
excluding for purposes of such determination Common Shares issuable upon exercise of such warrants which have not been
exercised.
(4)
Armistice Capital Master Fund, Ltd (“Armistice”) has shared voting power with Steven Boyd and Armistice Capital, LLC. Mr.
Boyd is managing member of Armistice Capital, LLC and director of Armistice Capital Master Fund Ltd.. Each of Armistice
Capital, LLC and Mr. Boyd disclaims beneficial ownership of the Common Shares, except to the extent of his or its pecuniary
interest therein.
(5)
This amount does not include 1,125,000 Common Shares issuable upon exercise of warrants issued in March 2018 and registered
for sale under this prospectus, which are not currently exercisable. All of the Armistice warrants, pursuant to their terms, may not
be exercised to the extent such exercise would cause the holder, together with its affiliates and attribution parties, to beneficially
own a number of Common Shares which would exceed 9.99% of our then outstanding Common Shares following such exercise,
excluding for purposes of such determination Common Shares issuable upon exercise of such warrants which have not been
exercised.
20
Could this resale be ipci trying to help ubs resell its shares?
It's always about someone giving them money on a promise that they deliver something. Odidi feels he is entitled to his million dollar salary just because he is him. Time to deliver odidi, long overdue...
tilator- the issue with Focalin I thought was PAR had to reduce price to keep business. Thus profits went down substantially.
Fabius- Yes totally disconnected from the real world and what real companies do. He is definitely like a University research professor that relies on grant money where the funders don't expect anything. The difference is Odidi promised eventual revenue/profits to investors in exchange for money. The charade is up and he now sells 25% or more of the company every time he needs to raise $3-4M. Which is only enough for one quarter based on IPCI burn rate.
Doog- It will be interesting to see what the magician has up his sleeve. The years old trick of making dilutive financings disappear is getting old. Dr. Odidi needs a new act badly.
wimike- But remember they really are needed. They have performed at such a high level:
1. They devised the vision of the ANDA pipeline and have dealt with the FDA on the approvals. How did that work out?
2. They developed Regabatin and the IND for it was submitted in 2015. Since then they have been trying to partner it. How id that working out.
3. They submitted the Rexista NDA without completing the HAP tests. When COLL had the foresight to complete all HAP tests. How did that work out?
4. They sat and watched the FDA screw them over with the Focalin approvals and did nothing. How did that work out?
5. They have been granted patent after patent but none of them ever get used or licensed.
6. They have all sorts of new NDA products not made public. But they cannot even advance their lead candidate Regabatin since 2015. How is that working out.
I could go on and on... But as you can see, they like collecting a high salary by selling more and more shares. And when they are not off spending that money, they like to play in the lab. Nothing real or marketable. Just like the type of work done at Universities.
Inviting all employees and shareholders to drink the Jim Jones Kool Aid!
wimike- I stopped by IPCI headquarters right now and the Odidi's were out front selling lemonade for 10 cents a glass. Each glass included a share of IPCI!
Blue- When Patient came on board I specifically said to him the company has a big problem making deals and monetizing its assets. He told me he needed a little time to change the thinking in the company. The Odidi's are THE problem. I have sent Odidi several emails telling him the same, but the guy is reluctant to do anything. Either that or no one wants to work with him.
Blue- So what do Odidi and his wife do that actually warrant them being paid $175K a month between them??? I mean there is hardly any progress every month. They are also responsible for the failed vision of the ANDA pipeline. They have failed and they feel they are entitled to this high pay regardless of performance... POOR PERFORMNCE should equal PAY CUT! That is if you are allowed to keep your job!
mopar- They have been talking about these international markets for a while already. Time for them to cut the deal and start the revenue stream.
Here is how Odidi manages each and every offering:
1 for me and 1 for my wife,
2 for me and 1 for my employees,
3 for me and 0 for my shareholders...
What is the talk about the several other NDA candidates. They just mention there are several and give no details.
Beach- It is unfathomable to say the least on how Odidi runs this company. he is so out of touch with reality it is almost comical. Every CFO that works for him has one task... Yes Boss, Yes Boss, Yes Boss!
beachguy- that is just it... What is going on? They sure are only telling a chosen few.
Freed- Sure looks that way. But who knows. First business for Odidi's should be to take voluntary pay cuts until company is profitable. Show you shareholders and employees you actually care about company.
Freedfish- I noticed that some interesting verbage about Odidi as CEO:
I/We, being holder(s) of common shares of Intellipharmaceutics International Inc. (the “Company”), hereby appoint: Dr. Isa Odidi,
Chairman of the Board and Chief Executive Officer of the Company, or, failing him, Dr. Amina Odidi, President and Chief Operating
Officer of the Company, OR
___________________________________________________________________
Print the name of the person you are appointing if this person is someone other than the individuals listed above
as proxyholder of the undersigned with full power of substitution, to attend, vote and otherwise act for and on behalf of the undersigned on
all the following matters and any other matter that may properly come before the Special Meeting of Shareholders of the Company to be
held at 10:30 a.m. (Toronto time) on August 15, 2018, at the offices of Gowling WLG (Canada) LLP, 1 First Canadian Place, Suite 1600,
100 King Street West, Toronto, Ontario (the “Meeting”), and at any and all adjournments or postponements thereof in the same manner, to
the same extent and with the same powers as if the undersigned were personally present. Specifically, all common shares registered in the
name of the undersigned are to be voted as indicated below and may be voted at the discretion of such proxyholder with respect to
amendments or variations to the matters identified in the accompanying notice of meeting or other matters that may properly come before
the Meeting.
Fabius- Exactly... The R/S will be their decision entirely. I am guessing they are all on board.