Elite Pharmaceuticals Inc (ELTP)

[RizZo]

Minutes from the CC,

CFO Carter Ward:

Finally, there were a couple of questions which I received and I figured -- I'll address them now instead of waiting till Nasrat does the Q&A section. The first question had to do with whether or not there is a ratchet applicable to the Series J preferred stocks and warrants for transactions done with Lincoln Park Capital?

And the answer to that is, there is no ratchet to the Series J preferred stocks or the warrants for Lincoln Park transaction. No ratchet was given in relation to any sales of shares to Lincoln Park under the equity line that was an effect from 2017 to July 1 of 2020. And no ratchet will be given to any sales of shares to Lincoln Park under the most recent Lincoln Park agreement.

The Series J preferred shares and warrants specifically exclude any ratchet from sales of shares to Lincoln Park Capital. To further ensure no ambiguity as to the issue of ratchets, Nasrat Hakim has specifically raised -- waived any ratchets from the Series J preferred shares and the warrants relating to the Lincoln Park transaction. Now waiver is attached to the Q -- the 10-Q it's Exhibit 10.57. So it's a public document.

https://seekingalpha.com/article/4369319-elite-pharmaceuticals-inc-eltp-ceo-nasrat-hakim-on-q1-2021-results-earnings-call-transcript?page=3


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