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Friday, July 08, 2022 11:35:04 AM
"While I have not been able to determine the time of conversion of the preferred or the sale of the commons shares and warrants Kips Bay reporting does give clues. "
The preferred that Kips acquired had all been converted by 3/31/22 EXCEPT 1,165 shares:
"As of March 31, 2022, there was no Series 1 and 2 warrants outstanding since all warrants were exercised, and there were 1,165 shares of Series B-2 5% convertible preferred stock outstanding." (10Q)
You say that...
"It appears there is more evidence for a 23 million share stock purchase by Kips Bay rather than a conversion of preferred shares."
I don't see it that way. The share price from 3/31 to 7/4 ranged from $.019 to $.045 with the majority moving below $.03 in the open market. If one uses $.03 as the conversion price (ignoring Kip's 15% discount) and IF Kips converted the 1,165 shares (as would have been totally consistent with prior practice) they would have received ~42M shares.
The one consistent element about things like this is that every time, when information has been inadequate to fully explain things, the assumption has been made that IPIX's financiers (Aspire), have been holding because they must "know something". I don't remember that assumption to have ever been borne out by subsequent developments. When the dust settles the shares inevitably have been sold in the open market.
It's morally wrong to allow a sucker to keep his money.
......W. C. Fields
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