Elite Pharmaceuticals Inc (ELTP)

[The ELTP King]

LMAO. Context matters.

It all has to do with Nasrat's Series J conversion, in which NONE of your forthcoming examples will have.

Again, I point you to Exhibit A:

Exhibit A:

If Nasrat wanted to do a reverse split to get to the Nasdaq he would have NEVER held a vote to increase the authorized shares because it would be completely pointless.

Why?

Because he would just do a reverse split first and then Elite would have TONS of shares available for his conversion of the Series J, completely eliminating the need for an increase in authorized shares.

Therefore, a reverse split is never going to happen.

It's ha ha funny that some investors believe this stock is not going to reverse split in the next few years. It is oh my funny that the same investors do not understand that a company controls their share structure. If they wish to reduce the authorized shares at the same time they reduce outstanding shares in a reverse split, then they are welcome to do it (and many do!). A recent example off the top of my head is Chesapeake Energy, who did this exact thing in April 2020. Shareholders approved both reductions at the same time. There are a multitude of obvious reasons why companies would want to reduce both outstanding and authorized shares. It is a routine process, and no capital letters or superlative punctuation is needed to explain it or understand it.

Challenge to all investors: for every ONE example posted to this board of a public CEO who does non-arm's length deals with his own private company, I will post FIVE examples of companies who reduced both outstanding and authorized shares during a reverse split. Very simple. Good luck.