Innovation Pharmaceuticals Inc (IPIX)

[John B]

Thanks for bringing up the $2 share price for the Nasdaq, it forced me to look at the Nasdaq requirements closer. The Nasdaq Global (standard 3) has a $4 bid price requirement for 90 consecutive trading days before applying, but
Nasdaq Capital (standard 2) has the following requirements:
A) $4 bid price requirement for 90 consecutive trading days
OR
B) Closing Price of $2

To qualify under the closing price alternative, a company must have: (i) average annual revenues of $6 million for three years, or (ii) net tangible assets of $5 million, or (iii) net tangible assets of $2 million and a 3 year operating history.

So CTIX would need net tangible assets of $2 million, since they have a 3 year operating history.
My understanding of the definition of net tangible assets is: Tangible assets minus Liabilities.
As of 9/30/14 from the last 10Q, CTIX had about 7.2 million in tangible assets (excludes Patents), and about 8 million in Liabilities. This would make the Net tangible assets a negative 800 thousand. But according to the 10Q, CTIX raised another 1.9 million via Aspire from October 1, 2014 to October 27, 2014.
This would make net tangible assets 1.1 million.
So for CTIX to make this requirement they would just need to raise an additional 1 million via Aspire after Oct 27.
I don't see anywhere where is states that we have to trade at $2 for X number of days. If someone sees where this is stated somewhere please point me to that info.
Maybe LR can confirm whether I got all this correct.

In conclusion: It looks like we could uplist shortly to NYSE-mkt or Nasdaq via Nasdaq Capital. They still need to get BOD/audit committee done.

The Nasdaq Capital Market requirements are on Page 9 here:
https://listingcenter.nasdaqomx.com/assets/initialguide.pdf