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wimike- Yeah good question about what is holding up ANDAs. Here is a plausible answer... They were issued several CRLs... But Odidi forgot to check the mail those days and missed them So he has just been waiting for approval for all these years...
Fabius- Good question... I have not seen any evidence he ever bought any shares. My theory is maybe he put money in when starting the company and got his shares then.
Doog- Each and every day I find the incompetence at IPCI more staggering. Blows my mind that they can screw up every decision... And make little if any progress... I know he has 50 employees but it is obvious that there are serious problems with the management of this company and structure.
Doog- I think all those warrants at 75 cents will limit any type of bounce. What is ridiculous is how stupid Odidi is. He did the offering to remain NASDAQ compliant. But the offering was a catch 22 and it got the shareholder equity back but at the same time made it impossible to regain compliance with PPS greater than $1. Dumb and dumber...
evenkeel- Odidi has shown his true colors recently. I am not sure what he thinks he is doing but everything he does kills shareholders. And he never makes any progress or creates new avenues for revenue. He is so bad it now appears to me it is on purpose. Nobody could do this bad of a job.
Bernstein- I will bite. What are they going to do in the end of 2018 and 2019 to warrant the PPS going up? What progress do you see them making?
Bernstein- I see your points. You got in low. But let me tell you the risk here:
1. Odidi never makes any progress. I have been waiting for him to partner Regabaitn, get more approvals, etc. for years. Don't take it for granted this guy can get anything done. His track record shows he can't.
2. Rexista approval without a partner is a longshot. If they can partner it, I think they have a reasonable chance for approval. But something is telling me they have the HAP data and no takers are coming...
3. Odidi has promised revenue and cash flow positive status for years. He has never come close to delivering. If you want to see a good example of this, take a look at what happened with Seroquel...
I know you are in this for a trade... But don't stay here too long... As he is spending money daily... And case in point, they promised all sorts of things for 2018... But the only thing they delivered is the HAP studies. Which were third party...
Nine months from now, money will be gone and Odidi will have his hand out begging for more suckers to finance his sideshow circus that he claims to be "innovative". Good luck but remember Odidi has a terrible track record and he will keep throwing shareholders under the bus as long as he can continue to pull off the con that IPCI is a real company. It is not. Real companies develop product, commercialize product and eventually make money. IPCI does not do that. They have a lot of employees that come in and play... Much like university research. The difference is in University research you do not have shareholders and it is funded by grants... Odidi funds his play/research via shareholders. He makes promises and never delivers. Then he wipes those shareholders out and repeats.
Amigo- Right on. The stock dropped because of the new offering taking shape. The drop was all about what Wainwright and their henchmen would give a desperate CEO for shares tied to a failing company with an idiot CEO. It had nothing to do with NASDAQ delisting. It was all about diluting to the tune of at least 17M shares and potentially 34M shares at a pre RS price of 7.5 cents.
Impact- Every time you show up and pump this stock drops 10-20%...
Intellipharmaceutics Regains Compliance with Nasdaq Minimum Shareholders' Equity Listing Requirements
? Download as PDF
October 26, 2018
TORONTO, ON / ACCESSWIRE / October 26, 2018 / Intellipharmaceutics International Inc. (NASDAQ and TSX: IPCI) ("Intellipharmaceutics" or the "Company"), a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs, today announced that it has received a letter from the Hearings Advisor from the Nasdaq Office of General Counsel notifying the Company that it had regained compliance with Nasdaq's stockholders' equity requirement. The letter also informed the Company that the Company will remain subject to a "Panel Monitor" under Nasdaq Listing Rule 5815(d)(4)(A) until October 22, 2019. The letter noted that while the Company is not out of compliance with Nasdaq's minimum bid price rule because its common shares have not traded below $1.00 for 30 consecutive trading days, the Company's shares have closed below $1.00 since October 11, 2018, and indicated that if at any time during the monitor period the Company fails any Nasdaq listing standard, the Nasdaq Staff will issue a Staff Delisting Determination and the Hearings Department will schedule a hearing.
As background, at a hearing held on May 17, 2018, the Company presented its plan to regain and maintain compliance with Nasdaq's continued listing requirements. The Panel then granted the Company's request for continued listing, provided that by September 28, 2018, the Company (i) comply with Nasdaq's $1.00 bid price requirement by having a closing bid price of over $1.00 for ten prior consecutive trading days, (ii) have a stockholders' equity position of over $2.5 million and (iii) provide the Panel with updated financial projections demonstrating its ability to maintain compliance with the stockholders' equity rule for the coming year. On September 12, 2018, the Company filed articles of amendment to effectuate a 1-for-10 reverse split, and the Company's common shares began trading on each of Nasdaq and the Toronto Stock Exchange on a post-reverse split basis on September 14, 2018. As a result of the closing bid price of the Company's common shares exceeding $1.00 for the period from September 14 to 27, 2018, the Company regained compliance with the minimum bid price requirement. On September 29, 2018, the Company was advised that its request that the Panel grant a further extension through October 17, 2018 had been granted.
There is no assurance that the Company will be able to maintain compliance with the Nasdaq continued listing standards, including Nasdaq's minimum stockholders' equity, minimum bid-price or other requirements during the Monitoring Period or thereafter.
Weezuhl- Don't doubt their ability to pump this thing up so they can off load all those shares behind those warrants. You know as well as I that whoever bought that offering only did it with some angle to make money. They certainly did not give Odidi the money based on his great track record...
Speaking of track record... Isn't it about time for Odidi to pay someone to write an article about him how he was the force behind BIOVAL... WHAT HAVE YOU DONE FOR ME TODAY DR ODIDI!
Fabius- The thing here is people always knew in advance of everything newsworthy on IPCI. FDA approvals especially. It sure seems like Impact has that kind of info. It has always been clear to me that Odidi is an arrogant pr!ck with a big mouth. I look forward to the day he is kicked to the curb. It is coming faster than he thinks. I know he thinks his golden parachute clause has years of his salary protected. But I think that clause becomes void if he is found to be committing unethical/illegal acts. Like sharing inside information...
BTJ- I guess we find out a day or so after Odidi calls his Wainwright buddies and they can spread word to their clients... Let them get repositioned for the big news... Either good or bad.
So what will the next IPCI news be?
Thanks for honest response
Fabius- The check cleared so they don't need to talk anymore about anything. I guess they probably are having an IPCI executive staff meeting this week to make sure to give them all nice cash bonuses for the stellar 2018 performance!
Fabius- I bet many individuals posting on this board have a net worth higher than IPCI's market cap. Like I said, this last offering is so bad, it is either an act of desperation or a criminal conspiracy!
Bernstein- I guess you got a few shares of this trash you want to offload... Huh...
Beach- Yeah Odidi got his grimy hands on another $14M. If all the warrants are executed he sold 87% of the company for $28M. So he won't sell off any of the tech, just 87% of the company! That is either an act of desperation or a criminal conspiracy. I guess we see how this unfolds. But my money is on that it is an act of desperation. Everything I have seen of Odidi in the past few years leaves me scratching my head... At how this guy is still running this company... The lack of progress coupled with him screwing up every decision on every challenge the company faces is unbelievable. When you review the last few years since the first Focalin approval, it is unbelievable how badly things have gone for IPCI. Like I said before IPCI management is like a Three Stooges movie...
Tilator - you hit the nail on the head. Odidi sold all existing shareholders out. Whoever bought this offering will make out like a bandit. Shareholders who held through reverse split will be lucky to walk away with a 50% loss.
Fabius - that is the craziness in all of this. Odidi still thinks he can fund a company that annual salaries exceed market cap. He is totally out of touch with reality...
Yes Mopar impact always lied about what he claimed ipci told him.
Stocking - OK maybe that gets them compliant with shareholders equity... But pps is now below $1... So something needs to happen there. In a best case scenario pps goes back above $1... But exactly how does that happen?
Btj and Doog- my guess is the guys that bought the warrants will make this this nasdaq compliant. We will probably hear about an insider buy. That will be orchestrated so they can attempt to offload all the shares at a nice profit. Only problem that is an awful lot of shares to offload... I can't think for one minute the guys that bought the warrants believe in ipci. They just have another angle to make their money.
Doog- well said. What is beyond comprehension is how odidi still feels he should be running this company. That totally sums up why ipci is floundering... Odidi is just too stubborn to admit he drove this company into the ground.
Mopar - it will be interesting to see if company start returning calls now
As a token the odidis will buy $1m in shares... Then put it back in the other pocket
Fabius - odidi probably would do just about anything to get his grimy hands on some more funding.
What is more financially reckless than this... In q3 they had 400k in revenue while they spent in excess of $4m... Pps has dropped over 90% in the last year... Yet odidi takes no coat cutting measures whatsoever... And his only plan to fund this pos is through dilution... My God, if this offering gets subscribed I don't know what to think
So if we are about to take another haircut, who in their right mind will the offering at 75 cents?
I am guessing his plan is to go there and say see we now meet shareholders equity but give another extension I need to do another reverse split... Lol
Wimike... Good question. Don't know but some how I think the brilliant nasdaq plan that the genius' at ipci devised hit a snag!
Trend and Fabius... Here is my prediction... Odidi buys 10% of offering to help offering buyers unload shares on retail. That will be the pump of the old pump and dump...
I would not doubt odidi buying some shares. But not that many. I expect most to be bought by the likes of sabby, Anson and other shady characters. Then in a concerted effort with ipci they will run the old pump and dump and offload that worthless paper on retail...
The SEC filing does not match the PR. Can anyone explain the very low # of common shares vs. the large number of warrants:
On October 12, 2018, Intellipharmaceutics International Inc. (the “Company”) entered into an Underwriting Agreement (the “Underwriting Agreement”) with H.C. Wainwright & Co., LLC (the “Underwriter”), pursuant to which the Company agreed to issue and sell, in an underwritten public offering of the Company (the “Offering”) 827,970 common shares of the Company (the “Common Shares”) and an aggregate of 16,563,335 pre-funded warrants (the “Pre-Funded Warrants”) exercisable into an aggregate of 16,563,335 Common Shares (the “Warrant Shares”) together with Common Share purchase warrants to purchase up to an aggregate of 17,391,305 Common Shares (the “Firm Warrants”). The Company has also granted the Underwriter an option to purchase up to 2,608,695 additional Common Shares and/or additional warrants to purchase up to 2,608,695 additional Common Shares at a purchase price of US$0.75 each, less the underwriting discount, to cover over-allotments (if any).
The Common Shares are being offered and sold to purchasers in units (the “Units”), each of which includes one Common Share and one Firm Warrant, and the Pre-Funded Warrants are being offered and sold to purchasers in units (the “Pre-Funded Units”), each of which includes one Pre-Funded Warrant and one Firm Warrant. The offering price is US$0.75 per Unit and US$0.74 per Pre-Funded Unit. Each Firm Warrant will be exercisable for one Common Share immediately upon the closing of the offering at a price of US$0.75 per Common Share, subject to adjustment in certain circumstances, and will expire five years from the date of issuance. Each Pre-Funded Warrant will be immediately exercisable for one Common Share at an exercise price of US$0.01 per Pre-Funded Warrant and may be exercised at any time after closing until all of the Pre-Funded Warrants are exercised in full.
The Pre-Funded Units are being offered and sold to purchasers whose purchase of Units in the Offering would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of such purchaser, 9.99%) of the Company’s outstanding Common Shares immediately following the consummation of the Offering.
Fabius - I will start thinking about this and then touch base.
Btj - I would say with offering priced at $. 75 an extension will not be granted. So I agree delisting soon. I also suspect they won't be able fill the whole offering at &. 75... Boy ipci management looks more crooked every day.
Mike I think next week 17th is what they asked for extension for.
Fabius how about we author an article that factually depicts every thing that happened with ipci?
Wimike - I wish you the best as I know this situation really hurts. Just take care of yourself yourself buddy and I will be happy to take you fishing one day. Our money is lost and there is no getting it back through ipci. However odidi has misled many people. He has a lot of enemies now. I will move on but one thing is for certain. I will make damn sure he never sells a share of smart pharma in China. What others do I have no idea but karma will certainly set odidi straight.