Elite Pharmaceuticals Inc (ELTP)

[no2koolaid]

I have tried to stay away, but the continued misapprehension of the facts requires I jump in, call BS and correct the mistaken impression about ownership.

The problem is a double counting. If Mikah owned 143 M shares, or 14% of Elite, it would have been required to file a Form SC 13D/A. Alas, as of May 16, 2021, none has been filed because Mikah no longer owns shares in Elite, as the link below shows.

https://fintel.io/doc/sec/1053369/000121390020024776/ea126290-sc13da2hakim_elite.htm

How about a little help with narrowing down the timeline and key elements of the filing?

On August 16, 2016, Mikah converted all 100 shares of Series I Preferred into an aggregate of 142,857,143 shares of the Issuer’s Common Stock pursuant to the terms of the Series I Preferred and, immediately thereafter, transferred the shares into the Reporting Person’s name.

That would be Nasrat!

Then we had the Series J conversion that meant Nasrat freed up shares for Elite's operations...

On April 28, 2017, pursuant to an exchange agreement between the Issuer and the Reporting Person, the Issuer issued 24.03443452410 shares of Series J Preferred Stock and Series J Common Stock Purchase

Then we had the re-conversion...

On August 24, 2020, the Reporting Person converted his 24.03443452410 shares of Series J Preferred Stock into an aggregate of 158,017,321 shares of the Issuer’s Common Stock pursuant to the terms of the Series J Preferred Stock, at a conversion price of $0.1521 per share of Common Stock.

The ultimate result of the Series J conversion was the shares were issued at $0.1521 (slightly more than 15 cents) and, thus, are underwater.

So, it is not 522 million outstanding shares that are owned by the three Epic holders + Nasrat + Mikah. It is 379.1 M owned by the Epic triumvirate and Nasrat...Decidedly, not a majority!

I guess the facts got in the way of a good myth!