Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

That'll show him!

My votes as of TODAY:

AGAINST (2) To amend our Articles of Incorporation to increase the number of shares of common stock the Company is authorized to issue from 995,000,000 shares to 1,445,000,000 shares

"Please, please, please," cried Brer Rabbit to Brer Fox, "Whatever you do, don't throw me into the briar patch."



This day has been coming for 2.5 years. I got over it around 2.4 years ago. Either increase the authorized shares or start paying Nasrat a quarterly dividend of $1.2 million. So go ahead and vote no. That'll really show him (about $5 mill per year).





https://sec.report/Document/0001213900-19-011224/

In addition, solely during any period commencing four years after the issuance of the Series J Preferred, provided that the Authorized Share Deficiency still exists, until such time as the Authorized Share Deficiency no longer exists, holders of the Series J Preferred are entitled to receive dividends at the rate per share (as a percentage of the Stated Value per share) of 20% per annum, payable quarterly. As discussed above, in the risk factor “If we are unable to increase our authorized shares of common stock, our ability to raise additional funds most likely will be materially adversely affected. Our inability to increase our authorized shares also will result in a requirement to pay significant annual dividends pursuant to our outstanding shares of Series J Preferred Stock” we plan on holding an annual meeting of shareholders on a date during the calendar year 2019 which has not yet been determined, at which time the Company will seek an increase in our authorized shares of Common Stock (the “Proposal”).