Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

That's why I prefaced the comment with "So while I don't necessarily expect it to happen...."

You're right about this:
"However, I think this practice happens more when warrants are also issued."

That was the other reason I wanted to see the 8-K. When warrants are issued the investors feel free to take profits on the shares because they can just pocket the warrants. The share sales move the share price down towards the exercise price and the investor ends up with "extra" shares after converting the warrants....something that they can use the share profits to do.
This isn't that :o)

We can't know the intent of the investors. They can have an instant profit or roll the dice along with everyone else.