Intellipharmaceutics International Inc. (IPCI)

[wimuskyfisherman]

Sam- No... Those people used the offering shares to cover the short sale they did prior to the offering. Here is how it worked:

1. They got wind of offering from Wainwright and/or IPCI
2. They pumped and short sold knowing offering was coming. This is how they raised the money to buy offering.(sold at a high price relative to offering)
3. Then when offering hit, they short sold some more to drive the offering price down. Thus getting shares much cheaper than the initial short sale.
4. They used offering shares to cover short sale.
5. After short sale was covered, these guys hold very few shares. This is supported by 17M shares sold in offering but no one now holds any shares...

Right now they will drive price back up and short sell into their pump. This way they will raise funds for new offering that hits in a month or two. Then they will cover that short with the offering shares they buy at $0.10. That is how they are making their money. They never hold shares. They use offering shares to cover short that was short sold at a much higher price.