Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

Grace Period
Securities enter a Grace Period when OTC Markets Group is no longer able to confirm that the issuer’s disclosure is current and publicly available as required under Rule 15c2-11. When a security enters a Grace Period, it can continue to be publicly quoted for 15 days. At the end of the 15-day Grace Period, if the required disclosure is not available, the security will move to the Expert Market for unsolicited quoting only, unless OTC Markets Group determines another exception under Rule 15c2-11 applies, such as the Large Company/ADTV exception.
https://www.otcmarkets.com/glossary#grace-period

IPIX doesn't meet the requirements for the Large Company/ADTV exception:
"5. ADTV and Asset Test Exception. The amended Rule contains a new exception, not in the current rule, to permit quotes in securities if the security has a reported average daily trading value (ADTV) of at least $100,000 during the 60 calendar days immediately before the publication of the quotation and the issuer has at least $50 million in total assets and $10 million in shareholder equity as reflected in the issuer’s publicly available audited balance sheet."
https://www.wilmerhale.com/insights/client-alerts/20201029-sec-amends-rule-15c2-11-to-enhance-publicly-available-information-for-securities-quoted-in-the-over-the-counter-markets#Exceptions