“Item 8.01 Other Events.
On November 12, 2018, Innovation Pharmaceuticals Inc. (the “Company”) issued 250 shares of its Series B 5% convertible preferred stock (the “preferred stock”), for aggregate gross proceeds of $245,625, upon exercise of warrants issued by the Company in October 2018. The exercise of the warrants was pursuant to a provision in the warrants that permitted the Company to compel the warrant holders to exercise up to $250,000 of the warrants 30 days after the initial closing of the sale of the preferred stock.
As of the close of business on November 12, 2018, 1,400 shares of preferred stock were outstanding, and 171,282,118 shares of the Company’s common stock were outstanding. As of the close of business on November 2, 2018, 169,231,216 shares of the Company’s common stock were outstanding. The Company had previously reported incorrectly in its Form 10-Q for the quarter ended September 30, 2018 that 163,676,190 shares of its common stock were outstanding as of November 2, 2018.”
171,282,118 shares. If you say it real fast it doesn’t seem like so much.
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