Innovation Pharmaceuticals Inc (IPIX)

[TOB]

5 consecutive days closing at $2 minimum to qualify. Cellceutix already met the "90 day consecutive prior to applying for listing."

So how many days are you saying that we have to close over $2? -thefamilyman

(a) Initial Listing Requirements for Primary Equity Securities:

(1) (A) Minimum bid price of $4 per share; or

(B) Minimum closing price of $3 per share, if the Company meets the requirements of the Equity or Net Income Standards under Rules 5505(b)(1) or (b)(3), or of $2 per share, if the Company meets the requirements of the Market Value of Listed Securities Standard under Rule 5505(b)(2), provided that in either case the Company must also demonstrate that it has net tangible assets (i.e., total assets less intangible assets and liabilities) in excess of $2 million, if the issuer has been in continuous operation for at least three years; or net tangible assets in excess of $5 million, if the issuer has been in continuous operation for less than three years; or average revenue of at least $6 million for the last three years. A security must meet the applicable closing price requirement for at least five consecutive business days prior to approval.

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 filed with, and satisfying the requirements of, the Commission or Other Regulatory Authority, and which are dated less than 15 months prior to the date of listing. -Link

The 10-K filed with the SEC will be audited.

$2/share price — for at least five consecutive business days prior to approval, the security has a minimum closing price of at least $2 per share and the issuer has (A) market value of listed securities of at least $50M; (B) stockholders’ equity of at least $4M; and (C) market value of publicly held shares of at least $15M.

In addition, the issuer must also demonstrate that it has:

Net tangible assets in excess of $2M if it has been in continuous operation for at least three years;[or]
Net tangible assets in excess of $5M if it has been in continuous operation for less than three years; or
Average revenue of at least $6M for the last three years.-Link

$2 Closing Price alternative:

If an equity security maintains a closing price of at least $2 per share for five consecutive business days, it may qualify for initial listing on the Nasdaq Capital Market if it satisfies the Market Value of Listed Securities Standard, as defined below.-Link

I haven't read anywhere stated that the company must maintain the $2 price for the application period after applying. Just that it must have the 90 consecutive days minimum closing price of $2 "before applying". Which has already happened.

Now it is not a new application, it is waiting for approval. So the rule is:

(B) Minimum closing price of $3 per share, if the Company meets the requirements of the Equity or Net Income Standards under Rules 5505(b)(1) or (b)(3), or of $2 per share, if the Company meets the requirements of the Market Value of Listed Securities Standard under Rule 5505(b)(2), provided that in either case the Company must also demonstrate that it has net tangible assets (i.e., total assets less intangible assets and liabilities) in excess of $2 million, if the issuer has been in continuous operation for at least three years; or net tangible assets in excess of $5 million, if the issuer has been in continuous operation for less than three years; or average revenue of at least $6 million for the last three years. A security must meet the applicable closing price requirement for at least five consecutive business days prior to approval.