Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

"I see Nevada entities blindside shareholders with increases all the time saying they had their own authority to do so."

That's because THEY DID have that authority and yes, it happens all the time. Econoshare did it when they changed their name to Cellceutix and increased this company's common authorization from 100M to 300M in 2008.

Shareholders at the time were told...
"WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY."
...and that was because...
"On January 14, 2008, a majority of our holders of common stock, par value $0.0001 per share (the “Common Stock”) voted in favor of amending the Company’s Articles of Incorporation to change the name of the Company to “Cellceutix Corporation” and to increase the Company’s authorized capital stock to 310,000,000, shares of which 300,000,000 shares will be Common Stock, $0.0001 par value, and 10,000,000 shares will be Preferred Stock, $0.0001 par value (the “Charter Amendment”)."


Are you with me so far?
If so, it should be clear to you that, if LE could muster
a majority of the votes eligible to participate in this election there wouldn't have to be an election. Instead of a 14A Proxy Statement asking you to vote you would have received a 14C Information Statement telling you that a vote had already taken place, the share increase had been passed and your participation isn't necessary.

In the same way the name was changed to Cellceutix and the 100M AS was moved to 3000M, the 2010 Equity Incentive Plan was approved along with the creation of the Class B common AND the two 18M option grants. And retail shareholders got a DEF 14C that said essentially that "we voted without you and we don't need your vote so we're just letting you know".
https://www.sec.gov/Archives/edgar/data/1355250/000135525011000019/def14c.htm Check it out.


So if you want to say that "Nevada entities blindside shareholders with increases (etc.) all the time" you would have to include Cellceutix among them.


The IPIX shareholder base has broadened to the point where insiders can no longer muster a majority without inviting retail shareholders for a vote. You know they would if they could...they've done it before and as you say, it happens all the time.