Elite Pharmaceuticals Inc (ELTP)

[packerfanbud]

Yes.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=76883378

I'm sure you are referring to this.
Quote:
The Company is withdrawing the Registration Statement because, after discussions with the Commission’s staff, it determined that the transactions as structured in the Securities Purchase Agreement could not be implemented. Accordingly, the Company will not be proceeding with the financing under the Securities Purchase Agreement.

http://sec.gov/Archives/edgar/data/1053369/000114420412035848/v316637_8k.htm


Which is supported by this

Quote:
The Registration Statement has not been declared effective by the Commission, and no securities have been sold pursuant to the Registration Statement or the prospectus contained therein. The Company believes that the withdrawal of the Registration Statement is consistent with the public interest and protection of investors, as contemplated by Rule 477.

http://sec.gov/Archives/edgar/data/1053369/000114420412035554/v316497_rw.htm

a.Except as provided in paragraph (b) of this section, any registration statement or any amendment or exhibit thereto may be withdrawn upon application if the Commission, finding such withdrawal consistent with the public interest and the protection of investors, consents thereto.

http://taft.law.uc.edu/CCL/33ActRls/rule477.html



So let me sum this up for you. Elite went to the SEC to file a withdrawl request. They then proved their case that this was not in the best interest of the company or shareholders. They needed SEC approval so they would qualify for Rule 155(c) safe harbor for abandoned public offerings, which they did. They are now free to find another investor which provides a better deal for the company and investors. It is all laid out for everyone to read. Proper DD would reveal that. Notice the links to verifiable sources?