Elite Pharmaceuticals Inc (ELTP)

[rrr2003]

The conversion of Series J shares to common stock is locked in at .1521 cents a share. Now if you are talking about stock dividends which are tied to the J's or the sale or grant of shares below the conversion price (shares not be part of the core number of J's) then yes there could be a deviation from the stated .1521 conversion price.

And your reference to the possible conversion of J's at .07 cents to result in 343,348,571 shares won't happen because, as I previously stated, the J's are locked in. Any related transactions to the issued core number of 24.0344 series J could involve a deviation of the conversion price such as (from the 10K - page 79):

"Subject to certain exceptions, the Conversion Price is subject to adjustment for any issuances or deemed issuances of common stock or
common stock equivalents at an effective price below the then Conversion Price. The Conversion price also is adjustable upon the happening of certain customary events such as stock dividends and splits, pro rata distributions and fundamental transactions."

https://s3.amazonaws.com/sec.irpass.cc/2258/0001213900-19-011224.pdf

Summary: There is no ratchets associated with the core Series J shares.