The Notice of Effectiveness is a document issued by the SEC, which declares that a company is cleared by them for public trading. No it does not mean that the company dilutes the outstanding stock, but rather that all or a certain number of shares can now be traded in the public market.
This should explain for the decline in the PPS, which is actually not a bad thing since there is no dilution involved, and may just prove that LPC had not sold ELTP shares as others had claimed but have invested for our ADT/ART opioids in the long-term as it intended. Cheers!
Market Data 
Markets 
