Innovation Pharmaceuticals Inc (IPIX)

[sox040713]

I think the majority of the selling pressure came from shorting by the MFO. That's how most of the preferred stock financiers work. No surprise to me that they haven't converted most of their shares because they want the converting price to be as low as possible.

If there's a deal and the SP goes above $1, the MFO can still make a lot of money because the ceiling of the converting price is 31 cents. That's how they hedge their money IMO. Just like Aspire, they aren't going to hold shares long-term.

The MFO just got $250K more preferred shares to play with so I expect more selling pressure to come.

On November 2, 2018, the Company notified the holders of the warrants of the Company’s election to compel the exercise of $250,000 of warrants, which exercise is scheduled to occur on or about November 8, 2018.

https://www.sec.gov/Archives/edgar/data/1355250/000147793218005343/ipix_10q.htm