Closing must occur within 180 days of the Initial Closing Date. At the Second Closing, the Purchaser will pay to the Registrant a sum of US$1,000,000 in exchange for an additional 1,000 shares of Series E Preferred Stock,
which such shares of Series E Preferred Stock will be convertible, at the Conversion Price, subject to adjustment, into 20,000,000 shares of Common Stock, and a warrant
(the “
Second Warrant
”) to purchase an additional 40,000,000 shares of Common Stock. The Second Warrant will be exercisable until the date that is the seventh anniversary of the Second Closing Date and will have a per share exercise price equal to
US$0.0625, subject to adjustments for certain events, including, but not limited to, dividends, stock splits, combinations and the like. The per share exercise price of the Second Warrant will also be subject to adjustment for the sale of Common
Stock or securities convertible into Common Stock at a price less than the then applicable per share exercise price of the Second Warrant, for which the Purchaser’s consent was not required under the Alliance Agreement.
On the first trading day following
the first anniversary of the Initial Closing Date, the Registrant and the Purchaser
will conduct a third closing (the “
Third
Closing
” and the date of such Third Closing,
the “
Third Closing Date
”),
provided that all conditions precedent to such Third Closing contained in the
Alliance Agreement have been satisfied or waived by the appropriate party on
or before such Third Closing Date. The Third Closing must occur within thirty
days following the first anniversary of the Initial Closing Date. At the Third
Closing, the Purchaser will pay to the Registrant a sum of US$1,000,000 in
exchange for an additional 1,000 shares of Series E Preferred Stock, which such
shares of Series E Preferred Stock will be convertible, at the Conversion Price,
subject to adjustment, into 20,000,000 shares of Common Stock, and a warrant
(the “
Third
Warrant
” and collectively with the Initial
Warrant and the Second Warrant, the “
Warrants
”)
to purchase an additional 40,000,000 shares of Common Stock. The Third Warrant
will be exercisable until the date that is the seventh anniversary of the Third
Closing Date and will have a per share exercise price equal to US$0.0625,
subject to adjustments for certain events, including, but not limited to, dividends,
stock splits, combinations and the like. The per share exercise price of the
Third Warrant will also be subject to adjustment for the sale of Common Stock
or securities convertible into Common Stock at a price less than the then applicable
per share exercise price of the Third Warrant, for which the Purchaser’s
consent was not required under the Alliance Agreement.
In addition, within ten business days following the last day of each calendar quarter, beginning with the first calendar quarter following the Initial Closing Date and continuing for each of the
eleven calendar quarters thereafter, the Purchaser will pay to the Registrant a sum of US$62,500, for an aggregate purchase price over such period of US$750,000, in exchange for an additional 62.5 shares of Series E Preferred Stock per
quarter and 750 shares of Series E Preferred Stock, in the aggregate, over such period, which such shares will be convertible into 1,250,000 shares of Common Stock per quarter and 15,000,000 shares of Common Stock, in the aggregate, over such
period, subject to adjustment.
If the Registrant determines, in its reasonable judgment, that additional funding is required for the development of its pharmaceutical products, then, either (i) the Registrant will issue, and the
Purchaser will purchase, such additional number of shares of Series E Preferred Stock or Common Stock from the Registrant, upon such terms and conditions as may be agreed upon by the Registrant and Epic at the time of such determination; or (ii) on
or after September 15, 2011, Epic will provide a loan to the Registrant, in an aggregate principal amount not to exceed US$1,000,000, which such loan will (A) have an interest rate equal to the then prime
interest rate as published in the Wall Street Journal on the date of such loan, (B) mature on the 2
nd
anniversary of date of such loan, and (C) be on such other terms
and conditions which are customary and reasonable to loans of a similar nature and which are mutually agreed upon between Epic and the Registrant.
The Registrant will fund the continued development of its pharmaceutical products with (i) the proceeds received by the Registrant from the sale and issuance of Series E Preferred Stock and the
Warrants purchased by the Purchaser pursuant to Alliance Agreement, (ii) any proceeds received by the Registrant from the exercise of the Warrants and Milestone Warrants issued to the Purchaser pursuant to Alliance Agreement and any Conversion
Warrant (as defined below) issued to the holders of shares of the Outstanding Preferred Stock (as defined below) pursuant to the Conversion Offer (as defined below) (to the extent that such holders exercised their Conversion Warrants for cash and
not pursuant to the “cashless” exercise feature of such Conversion Warrants), and (iii) any amounts received by the Registrant as Product Fees pursuant to the Alliance Agreement.
Terms of Series E Preferred Stock
Concurrent with the Initial Closing, pursuant to the authority of its Board of Directors, the Registrant will file with the Secretary of State of the State of Delaware the Certificate of Designation of Preferences, Rights and
Limitations of Series E Convertible Preferred Stock (the “
Series E Certificate
”). Pursuant to the Series E Certificate, each share of Series E Preferred Stock will have a stated
value equal to US$1,000 (the “
Stated Value
”). In addition, so long as any Series E Preferred Stock remain outstanding, the Registrant will not declare, pay or set aside any
dividends on shares of any other class or series of capital stock of the Registrant (other than dividends payable under the current terms of its Series D Preferred Stock) unless the Purchaser first receives, or simultaneously receives, a dividend on
each outstanding share of Series E Preferred Stock in an amount equal to the dividend the Purchaser would have been entitled to receive upon conversion, in full, on one share of Series E Preferred Stock immediately prior to the record date for
determination of holders entitled to receive such dividend.
In addition to the restrictions on Registrant Actions (as defined below), the Series E Certificate provides that on any matter presented to the stockholders of the Registrant for their action or consideration at any meeting of
stockholders of the Registrant (or by written consent of stockholders in lieu of meeting), the Purchaser will be entitled to cast the number of votes equal to the number of shares of Common Stock into which the shares of Series E Preferred Stock
held by the Purchaser are convertible as of the record date for determining the stockholders entitled to vote on such matter. Except as provided by law or by the other provisions of the Series E Certificate, the Purchaser will vote together with the
holders of Common Stock, as a single class.
Upon any liquidation, dissolution or winding-up of the Registrant, whether voluntary or involuntary (a “
Liquidation
”), the Purchaser will be entitled to receive
out of the assets, whether capital or surplus, of the Registrant an amount equal to the Stated Value for each share of Series E Preferred Stock held by the Purchaser before any distribution or payment will be made to the holders of Common Stock, the
Series B 8% Convertible Preferred Stock, par value US$0.01 per share (the “
Series B Preferred Stock
”), the Series C 8% Convertible Preferred Stock, par value US$0.01 per
share (the “
Series C Preferred Stock
”), and all other Common Stock Equivalents, other than (i) the Series D 8% Convertible Preferred Stock, par value US$0.01 per share (the
“
Series D Preferred Stock
,” and collectively with the Series B Preferred Stock and Series C Preferred Stock, the “
Outstanding
Preferred Stock
”) and (ii) any securities which are explicitly senior or
pari passu
to the Series E Preferred Stock in dividend rights or liquidation
preference (such securities, “
Junior Securities
”). Upon a Liquidation, the Series E Preferred Stock will rank (a)
pari passu
with the Series D Preferred Stock and (b) senior to any Junior Securities, including, without limitation, the Series B Preferred Stock and the Series C Preferred Stock. If the assets of the Registrant will be insufficient to pay in
full such amounts, then the entire assets to be distributed to the Purchaser and the holders of all outstanding shares of Series D Preferred Stock will be ratably distributed among the Purchaser and such holders of Series D Preferred Stock in
accordance with the respective amounts that would be payable on the shares of Series E Preferred Stock owned by the Purchaser and such shares of Series D Preferred Stock if all amounts payable thereon were paid in full.
Each share of Series E Preferred
Stock is initially convertible at the Conversion Price into 20,000 shares of
Common Stock. The Conversion Price is subject to adjustment for certain events,
including, without limitation, dividends, stock splits, combinations and the
like. The Conversion Price is also subject to adjustment for (a) the sale of
Common Stock or securities convertible into or exercisable for Common Stock at
a price less than the then applicable conversion price, for which the Purchaser’s
consent was not required under the Series E Certificate, (b) the issuance of
Common Stock in lieu of cash in satisfaction of the Registrant’s dividend
obligations on shares of outstanding shares of Series B Preferred Stock, Series
C Preferred Stock and/or Series D Preferred Stock, and (c) the issuance of Common
Stock as a result of any holder of Series D Preferred Stock exercising its right
to require the Registrant to redeem all of such holder’s shares of Series
D Preferred Stock pursuant to the terms thereof.
The
effect of the adjustments described under clauses (b) and (c) above are to cause
the Series E Preferred Stock to remain convertible into an equivalent percentage
of the Common Stock of the Registration as it was immediately prior to the issuance
described in such clauses.
At any time following the date
upon which there are no Outstanding Preferred Stock outstanding, the Registrant
may automatically convert all of the then outstanding shares of Series E Preferred
Stock into Common Stock at the then effective Conversion Price (such automatic
conversion, the “
Forced Conversion
”),
if, after giving effect to the Forced Conversion, the shares of Common Stock
issuable to the Purchaser upon such Forced Conversion
plus
the
number of shares of Common Stock owned by the Purchaser immediately prior to
such Forced Conversion will equal a number of shares of Common Stock that is
greater than fifty percent (50%) of the then outstanding Common Stock.
Pursuant to the Series E Certificate, other than with respect to transfers to Affiliates of the Purchaser, the Purchaser will not be entitled to transfer its shares of Series E Preferred Stock without
the prior written consent of the Registrant; provided, however, the Purchaser will not be prohibited or otherwise restricted, following the Lock-Up Period (as defined below), from transferring the Conversion Shares issued to it following a
conversion of its shares of Series E Preferred Stock in accordance with the terms of the Series E Certificate.
Board of Directors Composition and Voting Rights
As of the Initial Closing Date and at all times thereafter, except as otherwise set forth herein, the Registrant and its Board of Directors will take any and all action necessary so that (i)
the size of the Board of Directors will be set and remain
at seven directors, (ii) three individuals designated by Epic (the “
Purchaser
Directors
”)
will be appointed to the Board of Directors and (iii) the Purchaser Directors
will be nominated at each annual or special meeting of stockholders at which
an election of directors is held or pursuant to any written consent of the stockholders;
provided, however, that if at any time following the Lock-Up Period the Purchaser
owns less than (i) a number of shares of Series E Preferred Stock equal to ninety
percent of the aggregate number of shares of Series E Preferred Stock purchased
by the Purchaser at all of the then applicable Closings or (ii) following the
conversion by the Purchaser of the Series E Preferred Stock, a number of
shares of Common Stock equal to ninety percent of the number of shares of
Common Stock so converted (the “
Minimum Share Requirement
”),
neither the Registrant nor its Board of Directors will be obligated to nominate
Purchaser Directors or take any other action with respect to those actions described
in (i), (ii) and/or (iii) above. No Purchaser Director may be removed from office
for cause unless such removal is directed or approved by (x) a majority of the
independent members of the Board of Directors and (y) all of the non-affected
Purchaser Director(s). Any vacancies created by the resignation, removal or death
of a Purchaser Director will be filled by the appointment of an additional Purchaser
Director. Any Purchaser Director may be removed from office upon the request
of the Purchaser, with or without cause. At such time as the Purchaser owns more
than 50% of the issued and outstanding Common Stock or other voting securities
of the Registrant, the number of Purchaser Directors that the Purchaser will
be entitled to designate under the Alliance Agreement will be equal to a majority
of the Board of Directors.
Under the Alliance Agreement and the Series E Certificate, the Registrant has agreed that, between the date of the Alliance Agreement and the date which is the earlier of (x) the date the Purchaser
Directors constitute a majority of the Board of Directors and (y) ninety days following the fifth anniversary of the Initial Closing Date, except as Epic will otherwise agree in writing, the Registrant will conduct its operations only in the
ordinary and usual course of business consistent with past practice. Specifically, the Registrant will not, directly or indirectly, do, or agree to do, any of the following (such actions, the “
Registrant
Actions
”) without the prior written consent of Epic:
(i)
amend or otherwise change the Registrant’s certificate of incorporation or bylaws so as to adversely affect the Purchaser or Epic in a
material manner;
(ii)
(A)
other than in connection with an Exempt Issuance (as defined in the Alliance
Agreement and the Series E Certificate, sell or otherwise issue any shares of
Common Stock or Common Stock Equivalents (as defined in the Alliance Agreement),
or (B) following the Lock-Up Period, so long as the Purchaser owns at least the
Minimum Share Requirement, sell or otherwise dispose of any material property
or assets of the Registrant, except pursuant to existing contracts or commitments
or the sale or purchase of goods in the ordinary course of business consistent
with past practice, or enter into any commitment or transaction outside the ordinary
course of business consistent with past practice. Notwithstanding the foregoing,
both Epic and the Registrant have agreed in the Alliance Agreement that (x) the
Registrant will continue to seek a strategic partner(s) for the Registrant’s
lead pain products (ELI-154 and ELI-216) and (y) Epic will reasonably consider
all candidates for such strategic partner(s) identified by the Registrant;
(iii)
declare, set aside, make or pay any dividend or other distribution (whether payable in cash, stock, property or a combination thereof)
with respect to any of its capital stock, other than dividends payable on outstanding shares of Series D Preferred Stock in accordance with the terms thereof as in effect on the date hereof;
(iv)
other
than in connection with a reverse stock split, reclassify, combine, split, subdivide
or redeem, purchase or otherwise acquire, directly or indirectly, any of its
capital stock, Common Stock, Common Stock Equivalents, the Outstanding Preferred
Stock (or any securities of the Registrant or its subsidiaries which would entitle
the holder thereof to acquire at any time Outstanding Preferred Stock), Series
E Preferred Stock, or any other equity security or capital stock of the Registrant;
(v)
(A) acquire any interest in any person or any division thereof or any assets, other than acquisitions of inventory or other assets in the
ordinary course of business consistent with past practice; or (B) other than Permitted Indebtedness (as defined in the Alliance Agreement), for a period of three years from the Initial Closing Date, incur any indebtedness for borrowed money or issue
any debt securities or assume, guarantee or endorse, or otherwise as an accommodation become responsible for, the obligations of any person, except for indebtedness for borrowed money incurred by the Registrant in the ordinary course of business
consistent with past practice pursuant to the terms of a current contract to which the Registrant is currently a party and listed in the Alliance Agreement as a “Company Material Contract”;
(vi)
except as may be required by contractual commitments or corporate policies with respect to employee severance or termination pay in
existence on the date of the Alliance Agreement, (A) increase the compensation or benefits payable or to become payable to its directors, officers or employees, except for customary increases to compensation or benefits of Registrant employees
(other than officers and directors) of not more than five percent in the aggregate per annum made by the Registrant consistent with past practice and approved by a majority of the independent members of the Board of Directors; or (B) grant any
rights to severance or termination pay to, or enter into any employment or severance agreement with, any director, officer or other employee of the Registrant, or establish, adopt, enter into or amend any collective bargaining, bonus, profit
sharing, thrift, compensation, stock option, restricted stock, pension, retirement, deferred compensation, employment, termination, severance or other plan, agreement, trust, fund, policy or arrangement for the benefit of any director, officer or
employee, except to the extent required by applicable law and except for such employment, severance or termination agreements with Registrant employees (other than officers and directors) that are entered into on an arm’s length basis and
approved by a majority of the independent members of the Board of Directors;
(vii)
(A)
pay, discharge or satisfy any material claims, liabilities or
obligations
(absolute, accrued, contingent or otherwise), except in the ordinary course of
business consistent with past practice and in accordance with their terms; (B)
accelerate or delay collection of any material notes or accounts receivable
in advance of or beyond their regular due dates or the dates when the same would
have been collected in the ordinary course of business consistent with past practice,
or (C) delay or accelerate payment of any material account payable in advance
of its due date or the date such liability would have been paid in the ordinary
course of business consistent with past practice;
(viii)
make any material change in accounting policies or procedures, other than in the ordinary course of business consistent with past
practice or except as required by United States generally accepted accounting principles or by a governmental entity;
(ix)
following the Lock-Up Period, so long as the Purchaser owns at least the Minimum Share Requirement, waive, release, assign, settle or
compromise any material claims, or any material litigation or arbitration;
(x)
following the Lock-Up Period, so long as the Purchaser owns at least the Minimum Share Requirement, make any material tax election, settle
or compromise any material liability for taxes owed by the Registrant, or materially amend any of its tax returns;
(xi)
following the Lock-Up Period, so long as the Purchaser owns at least the Minimum Share Requirement, be a party to any Change of Control
Transaction (as defined in the Alliance Agreement) or otherwise enter into any sale, transfer, assignment, lease, license, mortgage, pledge, exchange or other disposition of all or substantially all of the assets or property (real or personal,
tangible or intangible) of the Registrant or any merger, consolidation or reorganization of the Registrant with another entity;
(xii)
following the Lock-Up Period, so long as the Purchaser owns at least the Minimum Share Requirement, take any action or step in connection
with the voluntary liquidation and dissolution of the Registrant or the filing of a voluntary petition or other institution of proceedings to have the Registrant adjudicated as bankrupt or the consenting to the institution of such proceedings
against the Registrant; or
(xiii)
authorize or enter into any agreement or otherwise make any commitment to do any of the foregoing.
Notwithstanding the foregoing, if at any time after the Purchaser has acquired 25% or more of the shares of the capital stock of the Registrant, on an as-converted basis, pursuant to the terms of Alliance Agreement or the
Warrants, the Purchaser’s ownership percentage of the shares of capital stock of the Registrant, on an as-converted basis, falls below 20% of the shares of the capital stock of the Registrant, on an as-converted basis, as a result of transfers
made by the Purchaser, then the prior written consent of the Purchaser will not be required prior to the consummation of any of the foregoing Registrant Actions.
Pursuant to the Alliance Agreement, subject to the satisfaction of certain conditions precedent contained therein, the Purchaser will not, without the prior written consent of the Registrant, transfer
any Common Stock acquired by it upon conversion of the Series E Preferred Stock or otherwise acquired or purchased under the Alliance Agreement or the other transaction documents for a period commencing on the Initial Closing Date and ending on the
later of (a) the date immediately following the first anniversary of the Initial Closing Date and (b) the Third Closing Date (such period, the “
Lock-Up Period
”).
In the Alliance Agreement, each of Epic and the Purchaser has represented to the Registrant that it is an “accredited investor” and has agreed that the securities to be issued to the Purchaser by the Registrant pursuant
to the Alliance Agreement are to bear a restrictive legend against resale without registration under the Securities Act of 1933, as amended (the “
Act
”). The securities to be issued
to the Purchaser by the Registrant pursuant to the Alliance Agreement will be sold in reliance upon the exemption from registration afforded by Section 4(2) of the Act and Regulation D thereunder.
Certain Conditions to each Closing
Prior to the Initial Closing Date, the Registrant must use its best efforts to obtain the agreement of the holders of the Registrant’s Outstanding Preferred Stock to convert all of their shares
of Outstanding Preferred Stock into Common Stock in accordance with the respective terms of the Outstanding Preferred Stock. The conversion to Common Stock of all outstanding shares of Series B Preferred Stock and Series C Preferred is a condition
precedent to the Initial Closing.
Each holder of Outstanding Preferred
Stock who elects to convert their shares of Outstanding Preferred Stock as of
the Initial Closing Date will be entitled to receive from the Registrant a warrant
to purchase up to 100% of the number of shares of Common Stock received by such
holder upon conversion of their shares of Outstanding Preferred Stock as of the
Initial Closing Date (such warrants, the “
Conversion
Warrants
,” and such offer to holders of Outstanding
Preferred Stock, the “
Conversion Offer
”).
The Conversion Warrant will (i) have an exercise price of Twenty Five cents
(US$0.25) per share (subject to adjustments for certain events, including,
but not limited to, dividends, stock splits, combinations and the like), (ii)
have a “cashless” exercise feature, and (iii) have a term
of five years from the date of issuance. The Registrant
will have no obligation to register with the SEC or any state securities commission
the resale of the Conversion Warrants or the shares of Common Stock issuable
upon exercise of the Conversion Warrants.
Pursuant to
the terms of the Alliance Agreement,
the Registrant will effect a delisting of the Common Stock from NYSE Alternext
US LLC (the “
Exchange
”)
and will cause the Common Stock to be quoted on the OTC Bulletin Board. The
Registrant believes that such change, the effectuation of which is a condition
precedent to the Initial Closing, will reduce its compliance costs as well
as decrease the restrictions applicable to the transaction contemplated in
the Alliance Agreement imposed by the regulations of the Exchange contained
in the Company Guide (as defined below).
Under the Alliance Agreement, the Registrant agrees (x) to hold a meeting of its stockholders to approve an amendment to the Registrant’s certificate of incorporation to (i) increase the number
of authorized shares of Common Stock from 210,000,000 to 340,000,000 shares and the decrease of the par value of its Common Stock from $0.01 to $0.001 and (y) to file such amendment to its certificate of incorporation with the Secretary of
State of the State of Delaware. The filing of such amendment is a condition precedent to the Second Closing.
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Item 3.01
|
Notice of Delisting or Failure to Satisfy a Continued
Listing Standard; Transfer of Listing.
|
On March 17, 2009, the Exchange issued a letter (the “
Exchange Notification
”) notifying the Registrant that the staff of the
Exchange’s Corporate Compliance Department determined based on its review of publicly available information that the Registrant is not in compliance with certain continued listing standards under Part 10 of the NYSE Alternext US LLC Company
Guide (the “
Company Guide
”) and, as a result, the Registrant has become subject to the procedures and requirements of Section 1009 of the Company Guide. In particular, the Exchange
found the Registrant not to be in compliance with Section 1003(a)(iv) of the Company
Guide based on losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired, that it appears questionable to the Exchange as to
whether the Registrant will be able to continue operations and/or meet its obligations as they mature.
In order to maintain its Exchange listing, the Exchange has permitted the Registrant to submit a plan (a “
Plan
”), by April 17, 2009, demonstrating its ability
to regain compliance by September 17, 2009 (“
Plan Period
”) with the continued listing standard described above. If the Registrant submits a plan that is accepted by the Exchange,
the Registrant may continue its Exchange listing during the Plan Period, subject to periodic review by the Exchange of the progress being made by the Registrant. If the Registrant does not submit a plan, or submits a plan that is not accepted, the
Registrant may become subject to delisting proceedings. If the Registrant submits a plan that is accepted by the Exchange but, at the end of the Plan Period, is not in compliance with the continued listing standards, or does not make progress
consistent with the plan during the Plan Period, the Exchange will initiate delisting proceedings in accordance with Section 1010 and Part 12 of the Company Guide.
Pursuant to
the terms of the Alliance Agreement, on or before the Initial Closing Date,
the Registrant will effect a delisting of the Common Stock from the Exchange
and will cause the Common Stock to be quoted on the OTC Bulletin Board. Therefore,
the Registrant does not intend to file a Plan with the Exchange.
Within five days of the date of the Exchange Notification, the Registrant will be included in a list of issuers not in compliance with the Exchange’s
continued listing standards, which is posted daily on www.nyse.com/regulation
and which indicates the particular standard(s) with which a company is not in
compliance. Further, the indicator “.BC,” denoting the Registrant’s non-compliance with the Exchange’s continued listing
standards, will be attached as an extension to the Registrant’s trading symbol whenever it is transmitted with a quotation or trade to signify the Registrant’s noncompliance. The Exchange stated that both the website posting and the
“.BC” indicator will remain in effect until such time as the Registrant has regained compliance with all applicable continued listing standards.
In addition, the Exchange stated that, due to the low price
per share of the Common Stock over the last six months, the Common Stock may
not be suitable for auction market trading. As such, in accordance with Section
1003(f)(v) of the Company Guide, the Exchange notified the Registrant that
under the circumstances the Exchange deems it appropriate for the Registrant
to effect a reverse stock split to address the low selling price of its common
stock. Further, if a reverse stock split is not completed by the Registrant
within a reasonable time following the Exchange Notification, the Exchange
may consider suspending dealings in, or removing from the list, the Registrant’s common stock, in which case the
Registrant would become subject to the procedures and requirements of Section 1009 of the Company Guide, which could result, among other things, in the Exchange’s
initiation of delisting proceedings.
Item 7.01 Regulation FD Disclosure
On March 23, 2009, the Registrant issued a press release announcing, among other things, the execution of the Alliance Agreement and its receipt of the Exchange Notification. A copy of the press release is attached hereto as
Exhibit 99.1.
|
Item 9.01
|
Financial Statements and Exhibits
|
a) Not applicable.
b) Not applicable.
c)
Not applicable.
d)
Exhibits.
|
|
Exhibit 10.1
|
Strategic Alliance Agreement, dated as of March 18, 2009, by and
|
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|
among Elite Pharmaceuticals, Epic Pharma, LLC and Epic
|
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Investments, LLC
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99.1
|
Press Release dated March 23, 2009
|
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: March 23, 2009
|
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ELITE PHARMACEUTICALS, INC.
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By:
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/s/ Chris Dick
|
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Chris Dick
Acting Chief Executive Officer and
Chief Operating Officer
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Elite Pharmaceuticals (AMEX:ELI)
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