Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

"LR mentioned in the past that we may need recent audited financials in order to uplist."
I did say that....because Nasdaq's own rules say that. Then a few folks suggested that Nasdaq might be a little loosey goosey with their own rules, so I called them in February and posted the results. I'm copying and pasting them below, but first a few points which may or may not turn out to matter:
1. 10-Q's are unaudited. They COULD BE audited, but it would be crazy expensive and require the auditing of the prior years figures and probably the auditing of all the interim reports...I haven't seen it done. No one should be considering that possibility.
2. The Market Value Standard shows this requirement in the Guide:
"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, in addition to satisfying the other financial and liquidity requirements listed above."
Net Tangible Assets in the last 10-Q were $1,965,000.
3. I won't repeat the details of it, but my reading of the rules and the actions of at least one company in a similar situation have suggested to me that the $2 closing price requirement isn't applicable to CTIX. As usual, I could be mistaken.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=111114638

Based on two conversations that I have had yesterday and today with Nasdaq Listing officials, during which no specific companies were identified, it was made clear to me that my interpretation of their listing rules was more conservative (their term) than their own.
Specifically, the term "operating history" is not strictly defined to refer to companies with revenues although both gentlemen I spoke to could not provide a strict definition, suggesting that it was broadly defined for listing purposes and that the issue of whether an applicant actually had an operating history was one that came up regularly. Furthermore, in spite of the rules clearly stating that "For purposes of this paragraph (B), net tangible assets or average revenues must be demonstrated on the Company's most recently filed audited financial statements.....", Nasdaq will look to a company's most recent 10-Q for asset values despite that fact that they are not audited.

Based on those conversations (which went more smoothly than most of my conversations :o) ) it appears that there is indeed some wiggle room in at least some of the Nasdaq listing rules that wasn't apparent to me from the way they actually appeared on the page. Hence I won't be quoting them any longer.

GL!