Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

Anyone knowledgeable about the "poison pill" that NH has in place? Which of the two types do we have?

It is the "flip-in" type (see below), but more importantly, it is so stale and outdated that it is growing mold on the edges and there are little bugs crawling through it. It only covers shareholders as of Nov 15, 2013. No shares purchased (or received in salary) in the last five years are covered, including Nasrat's Series J Preferred. Nasrat has zero benefits under the 2013 poison pill. At this point, it probably only covers a few dozen individuals, and they're all reading this message right now. (Hello fellow cohorters!) I don't know what threat Nasrat perceived three months into his tenure as CEO, but I would think if he perceives similar threats at this time, then he would at least update the poison pill to include himself.


And, Nasrat, if you do update the poison pill, I'm begging you, please don't mention the valuation.

On November 15, 2013, the board of directors of Elite Pharmaceuticals, Inc. (the “Company”) declared a dividend distribution of one right for each outstanding share of our common stock and one right for each share of Common Stock into which any of our outstanding Preferred Stock is convertible, to stockholders of record at the close of business on November 15, 2013. Each Right entitles the registered holder to purchase from the Company one “Unit” consisting of one one-millionth (1/1,000,000) of a share of Series H Junior Participating preferred stock, par value $0.01 per share (the “H Preferred Stock”), at a purchase price of $2.10 per Unit, subject to adjustment. The description and terms of the Rights are set forth in a Rights Agreement (“Rights Agreement”) between the Company and American Stock Transfer & Trust Company, LLC, as Rights Agent.