I don't like it, but it's about a mile long gray area to argue about whether an IND being filed is material or not.
It is to us, but to the world at large it's easy to argue it isn't.
Not to defend mgmt for this decision, but let me toss out a thought...
The financing has been in the works for at least a week or two, and Cortex mgmt knew it would tank the stock - that just the way PIPEs work.
If Cortex had PR'ed the IND being filed, would any small investors have bought a few more shares based on that news?... I might have. A day or two before the PIPE.
Perhaps not PR'ing the IND being filed was on purpose for the above reason.
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