Intellipharmaceutics International Inc. (IPCI)

[Samsa]

Fabius, as usual, I can not give legal advice nor render any legal opinion. if you would like a personal opinion however, I can offer the following LOL.

You have to look at the entire document not just piece meal to get the intent. This was the initial filing by Armistice. It was triggered because they now own a 19% stake in the company.

they were recognizing that they now exceeded the limitations as set for the warrants they purchased back in October and March. In order to exercise the warrants, they had to agree not to own more than 9.99% of the company and with the last offering they purchased on March 16 they now exceeded that requirement, in essence making the warrants "UN-excercizeable".

I will point out that there are exceptions to the rule, such as if the company agrees to allow them to exercise them or raises the limits. They also mention the warrants are able to participate in any spinoff of the company. (possible hint, hint). It also places a 61 day stay on any increase in beneficial ownership until they made this notice. in other words they will not have 19% ownership for 61 days until after the notice date. which is probably why later down in the document when it specifically asks if they intend to remove any board members or effect changes in Management, they put down "not applicable".

so,its just a routine notice at this point in my mind. The company knew of the 9% threshold back in October. The company willingly sold to them directly in March knowing it would trigger this lock out of the warrants. so seeing how they can get an exclusion from the company, if they wanted to exercise them going forward I would suspect they would not have any issues from the company. so I do not see this as any attempt of a hostile takeover etc. I did find it "interesting" that they specifically stated that warrants would still have the rights to participate for any spin off.