Elite Pharmaceuticals Inc (ELTP)

[rrr2003]

And yet no proof has ever been provided to show there is a ratchet down price for J series and warrants. What a load of BS as usual.

I wonder what price the CEOs toxic preferred & warrants were adjusted down to...

This absolutely dilutes the living daylights out of all investors except one... the ceo

Based on that alone, I wouldnt touch a share of this junk

Anybody who wants an explanation of the J series should read the transcript of the last CC:

"Secondly, the recent drop in our price per share does not and cannot cause any ratchet in the Series J or the warrants and that [sales] of shares of Lincoln Park -- to Lincoln Park also do not cause a ratchet regardless of price. I want to get a technical in the Series J and in the warrants Lincoln Park transactions are defined as exempt transactions, meaning exempt from ratchet, no ratchet.

The number of shares and price at which they convert is not affected by decreases or increases in our ELTP price per share and is also, I just said, not affected by any shares which are sold to Lincoln Park.

The Series J preferred shares and the warrants are not convertible for another three years at a minimum and there are many factors and risks related to whether or not they can be converted. Please see Notes 11 and 12 of our financials for full details, but note that there are no ratchet caused by change in price per share or sell the shares to Lincoln Park, and Elite will never have to make a cash payment to retire or redeem these shares and warrants."

https://seekingalpha.com/article/4123694-elite-pharmaceuticals-eltp-ceo-nasrat-hakim-q2-2018-results-earnings-call-transcript?part=single