Innovation Pharmaceuticals Inc (IPIX)

[BonelessCat]

“But why then would there be a need for a Beneficial Ownership Limitation that considers the MFO's holdings as a single beneficial owner?”

Because the MFO can function both as a collective single owner and individual owners. Ownership by proxy or individually are not mutually exclusive conditions in the case of a MFO (unlike say an Aspire type entity). Both conditions can exist simultaneously depending on situational advantages. Therefore, that clause exists to limit combined MFO ownership to less than 5%. I’m sure you can think of reasons that IPIX and Leo would not want a single group to hold such a large voting block of shares.

Correct me if I’m wrong, but I seem to recall that the preconversion shares have no voting power.