Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

"I will argue that NASDAQ Announcement will not move the PPS initially."

That would be very unusual. Even if the current share price dropped 30% the resultant market cap would almost certainly be adequate to put the company into the Russell 2000 if they can get into the Nasdaq (or any other exchange), as required by that Index, by May 31 when that Index is measured and reconstituted. A Nasdaq entry would allow for investment by institutions who would realize that inclusion in the Russell 2000 would provide a kicker when it occurred in June.
Nasdaq entry would provide a virtually instant bounce as provided by those institutions that cannot invest in companies that are not listed on an exchange.