UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 31, 2024, Barry Schechter and Zorik Spektor each resigned from the Board of Directors of Innovation Pharmaceuticals Inc. (the “Company”), effective immediately. Their decisions to resign were not the result of any disagreement with the Company on any matter related to the Company’s operations, policies or practices.
Item 8.01 Other Events.
As previously disclosed, on January 22, 2020, the Company filed a complaint against Cummings Properties, LLC (“Cummings”) in the Superior Court of the Commonwealth of Massachusetts (C.A. No. 20-77CV00101), seeking, among other things, declaratory relief that the lease relating to the Company’s prior principal executive offices terminated in September 2018 rather than automatically extending for an additional five years. On August 29, 2023, the trial for this case commenced, and on January 18, 2024, the Court ruled in favor of Cummings, finding that Cummings is entitled to recover liquidated damages in the amount of $810,251.36, minus the Company’s $77,600 security deposit, plus eighteen percent per annum interest owing since January 17, 2020. The Company intends to appeal the decision.
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SIGNATURES
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.
| INNOVATION PHARMACEUTICALS INC. | |||
| Dated: February 1, 2024 | By: | /s/ Leo Ehrlich | |
| Name: | Leo Ehrlich | |
| Title: | Chief Executive Officer | ||
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