Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

"Here’s another company who did the same."

Not a great example. Chimera Energy never got to test the theory, they just announced that they would. The linked press release was issued by the excited new CEO the day after the existing CEO resigned and two weeks before trading was suspended by the SEC "because of questions regarding the accuracy of statements by Chimera in press releases to investors concerning, among other things, the company’s business prospects and agreements". Both men were eventually subject to final judgments by the US District for their activities.

So Chimera never got to test the CUSIP change requires naked shorts to cover theory, although it most certainly would have failed. It was a pump and dump scheme from day one.
https://www.sec.gov/litigation/complaints/2014/comp-pr2014-168.pdf
https://www.sec.gov/litigation/litreleases/2017/lr23883.htm


But still re:
"You claim naked shorts don’t need to cover after CUSIP # change and I like to see your source."

So would I.
And from you I'd like to see an example of a CUSIP change that DID result in measurable naked short covering. Just one.
It was a goofy idea, if you ask me. CTIX/IPIX shareholders should ask that whatever was expended on it be donated back to the company by whoever had it.


IPIX COULD at least temporarily benefit from REAL short interest covering if those so invested suddenly perceived that there was some legitimate progress in store for the Company. The actual short interest is fairly high relative to the recent weak volume. The Average Daily Volume in the latest Short Interest Report...723,844...was plainly wrong and the last 10 day average is less than 150K, resulting in the latest reported short interest requiring about 10 "days to cover". The short interest has fluctuated a lot less since the beginning of the year than the volume has, but it did get a good bump in the latest report. FWIW I don't think it is out of line with pre-revenue OTC biotechs.