Elite Pharmaceuticals Inc (ELTP)

[lasers]

Since the Oct 21 TLD PR, the accumulated Naked Shorted position of $ELTP shs is 17.6 mil shs on a total vol of 50.9 mil and the PPS has doubled from the $0.20s to the $0.40s.

As of the FY1Q2016 10-Q the basic outstanding shares are 646 mil

Two extreme ways of looking at the dramatic doubling of PPS from the $0.20s to the $0.40s to assess $ELTP PPS going forward.

(1) The MMs bought back and covered all of their phantom 17.6 mil Naked Shorted shs. This would mean a real investor purchase of only 50.9 - 17.6 - 17.6 = 15.7 mil shs

$ELTP PPS then doubled on a mere (15.7/646)x100 = 2.4% of the basic outstanding shs and there remains zero Naked Shorted shs to cover

or

(2)The MMs bought back zero of their 17.6 Mil Naked Shorted and the real investor purcahse is 50.9 mil shs

$ELTP PPS then doubled on 50.9 mil shs which is (50.9/646)x100 = 7.9% and there remains all of the 17.9 mil Naked Shorted shares yet to cover.


The stage is set for $ELTP's Mon Nov 9 filing of the FY2Q2016 10-Q and the Nov 10 CC 11:00 a.m. EST. The filing of the FY2Q2016 10-Q on Mon can occur anytime between PreMkt and AH Mkt hours EST.