Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

That's FUNNY!

Here's what happened, although I'm sure everyone has figured it out by now.
The CEO took $100k in debt that was returning $10k a year to him in interest and used it to exercise an equal dollar amount of the 18M options that he and KM granted themselves back in 2012 (?).
At .11/share those options turned into 909,090 Class B shares. He then immediately converted those B shares for an equal amount of A shares.

All but the last sentence of that could have been gleaned from this morning's press release. The conversion into Class A shares (the Class that everyone here owns) wasn't revealed until after the close of trading for some reason. In fact it wasn't revealed in the Company's 8-K...it turned up in the Form 4 filed by the CEO.

The bottom line is that the CEO effectively bought shares for $100,000 today that would have cost anyone else $136,000 in the open market (assumes .15/share).