Elite Pharmaceuticals Inc (ELTP)

[rrr2003]

NO. . .not true at all.

So he can sell shares on the open market, of course. He can’t sell his preferred shares.

Nasrat owns 22 mil common shares in addition to his J's. He has owned these commons for several years now. If he wanted to sell shares he would have done so by now. Nasrat has not sold one share since joining Elite. And even when Nasrat does convert his J's to commons he couldn't sell any of those anyway because they would be restricted.

"(ii)Conversion Shares shall be restricted securities, not transferable unless registered under the Securities Act of 1933 or such transfer is permitted pursuant to an exemption from such registration under such Act."

https://www.sec.gov/Archives/edgar/data/1053369/000114420417023318/v465621_ex3-1.htm