Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

Interesting. Apparently the failure to file the SEC Lateness Notification when due (Thursday) triggered the downgrade....I believe OTCMarkets would have granted Pink Current status for another 5 days had that filing been made. As you might imagine that action is pretty rare. Most companies file the NT-10Q (there's no charge for doing so) if they intend to file by the end of the 5 day grace period, so this failure suggests either an inability or unwillingness to file.
What could be on this CEO's mind? I remember wondering the same thing when IPIX was downgraded based on failing to file the basic Annual Report with Nevada.