Replies to post #121205 on Innovation Pharmaceuticals Inc (IPIX)

[williamssc]

Not sure if share holders meeting has been discussed as a needed prerequisite to uplisting but it sure makes good sense. Thanks.

[loanranger]

I'm sure you'll understand if I decline to vouch for the truth or the applicability of this Nasdaq response, but here it is:


When must a newly listed company hold its first annual meeting after listing?
A newly listed company that was not previously subject to a requirement to hold an annual meeting is required to hold its first meeting within one year after its first fiscal year end following listing. This includes both initial public offerings and companies that are already public at the time of application to Nasdaq. Of course, Nasdaq's meeting requirement does not supplant any applicable state or federal securities laws concerning annual meetings.

https://listingcenter.nasdaq.com/Material_Search.aspx?cid=34&mcd=LQ


Obviously the applicability concern relates to this:
"after listing"
and this...
"was not previously subject to a requirement to hold an annual meeting"

[TOB]

The Annual Shareholder Meetings are indeed standard corporate governance which is normally specified in the bylaws. It was clearly in the cards this year after the 10-K.

Has anyone discussed that the planned first annual meeting as one of 2 major missing elements for uplisting that NASDAQ wants to see? No one discussed that but lots of people think a meeting signals a reverse split? As I see it, the last 2 elements before an uplist, current audited financials and shareholder meetings. -BigKahuna

I alluded to this in an earlier post. Not as a pre-uplisting requirement, though it would likely be helpful, but a post-uplisting requirement.

Annual Shareholders' Meeting is to formally elect the Board of Directors and hand out some pens or coffee cups. I'd heard of the existence of hats, but never got one myself.

These meetings are part of what is expected of a NASDAQ company. CTIX will "soon" be a NASDAQ listed company without any reverse splits. To me this opinion is obvious as a high probability. -TOB

This is not a 'special shareholder meeting' to discuss restructuring as is being imagined, this is a new routine. Though it clearly comes at an exciting time in Cellceutix's development. It may be routine but it should be fascinating for shareholders.