Innovation Pharmaceuticals, Inc. (OTCQB: IPIX), formerly known as Cellceutix Corporation, is engaged as a biopharmaceutical company. Shares of the cancer treatment developer are rallying 9.64%, through afternoon trading on Tuesday, July 11, 2017. Over the past month, Innovation Pharmaceuticals, Inc. saw average daily volume of 298,156 shares. However, volume of 217,632 shares or dollar volume of $210,014, has already exchanged hands on Tuesday.
Shares of Innovation Pharmaceuticals, Inc. are gaining today, after the company filed an 8-K Form, which detailed of the company’s official name change to Innovation Pharmaceuticals, Inc. and new ticker symbol, “IPIX.” However, the company will continue to trade on the OTCQB Venture Exchange. Here is part of the 8-K detailing of the name and ticker change:
Innovation Pharmaceuticals, Inc. 8-K Filing:
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
Effective June 5, 2017, the registrant changed its corporate name from Cellceutix Corporation to Innovation Pharmaceuticals Inc. (the “Company”). In accordance with Section 92A.180 of the Nevada Revised Statutes, stockholder approval of the name change was not required.
In connection with Rule 6490 of the Financial Industry Regulatory Authority (“FINRA”) and Rule 10b-17 of the Securities Exchange Act of 1934, as amended, the Company submitted an issuer company-related action notification form to FINRA notifying FINRA of the name change and FINRA has confirmed that it will process the name change, effective at the open of business on June 9, 2017. In connection with the name change, the CUSIP number for the Company’s Class A common stock will change to 45782D 100. The Company’s Class A common stock will continue to be quoted on the OTCQB market but will trade under a new ticker symbol, “IPIX”.
A copy of the Company’s Articles of Incorporation, as amended, is filed herewith as Exhibit 3.1.
Item 7.01 Regulation FD Disclosure.
On June 7, 2017, the Company issued a press release announcing the name change. The full text of the press release is furnished with this Form 8-K as Exhibit 99.1 and incorporated by reference herein.
The information in this Current Report on Form 8-K under Item 7.01, including the accompanying press release, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by reference to such filing.
Here is the link to the full press release: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12116500