Spotlight Innovation Inc. Issues Statement About Recent Stock Trading Activity
URBANDALE, Iowa, June 21, 2017 /PRNewswire/ -- Spotlight Innovation Inc. (OTCQB: STLT) today announced that on June 15, 2017, it was made aware by OTC Markets of promotional activities surrounding the Company's common stock.
According to the OTC Markets the activities were promotional newsletter emails encouraging investors to purchase the Company's common stock and this promotional activity coincided with higher than average trading volume and fluctuations in the Company's stock price. The Company was unaware of the promotional activity until informed by OTC Markets, and is unaware of the full nature of the promotional activity, the extent of the email dissemination, or the responsible parties.
In its investigation into this matter, the Company has made direct inquiries of its executive officers, directors, its controlling shareholders (i.e., shareholders owning 10% or more of the Company's securities) and its third party service providers. Neither the Company, nor its executive officers, directors or, to the Company's knowledge, its controlling shareholders (i.e., shareholders owning 10% or more of the Company's securities) have been involved in any way with the creation or distribution of promotional materials including these email newsletters. Additionally, neither the Company's executive officers, directors nor, to the knowledge of the Company, any controlling shareholders or any third party service providers, sold or purchased shares of Common Stock of the Company within the last 90 days, except as it relates to the purchase of convertible instruments as described in our periodic reports with the Securities and Exchange Commission. Further, the Company has not, other than disclosed in its periodic reports filed with the Securities and Exchange Commission, issued any shares or convertible instruments allowing conversion to equity securities at prices constituting a discount to the current market rate at the time of the issuance. From January 2016 to June 2016 the Company engaged CEOCast, and since July 25, 2016 the Company has engaged IRTH Communications as its provider of investor relations services, public relations services, marketing, or other related services. The Company has made direct inquiries of its current investor relations service provider concerning whether they have directly or indirectly been involved in any way, including payment of a third party, with the creation or distribution of promotional materials related to the company and its securities. This vendor has declined to comment on said promotional activities.
The Company is not affiliated in any way with the authors of these promotional newsletter emails. Certain statements contained in the promotional materials as supplied to the Company by OTC Markets may be materially false and/or misleading. The Company encourages those interested in the Company to rely solely on information included in its press releases combined with its filings and disclosures made with the Securities and Exchange Commission.
About Spotlight Innovation Inc.
Spotlight Innovation Inc. (OTCQB: STLT) identifies and acquires rights to innovative, proprietary technologies designed to address unmet medical needs, with an emphasis on rare, emerging and neglected diseases. To find and evaluate unique opportunities, we leverage our extensive relationships with leading scientists, academic institutions and other sources. We provide value-added development capability to accelerate development progress. When scientifically significant benchmarks have been achieved, we will endeavor to partner with proven market leaders via sale, out-license or strategic alliance. For more information, visit www.spotlightinnovation.com or follow us on www.twitter.com/spotlightinno.
Statements in this press release that are not purely historical are forward-looking statements. Forward-looking statements herein include statements regarding Spotlight Innovation's efforts to develop and commercialize its various technologies, and to achieve its stated benchmarks. Actual outcomes and actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties, such as: the inability to finance the planned development of the technologies; the inability to hire appropriate staff to develop the technologies; unforeseen technical difficulties in developing the technologies; the inability to obtain regulatory approval for human use; competitors' therapies proving to be more effective, cheaper or otherwise more preferable; or, the inability to market a product. All of which could, among other things, delay or prevent product release, as well as other factors expressed from time to time in Spotlight Innovation's periodic filings with the Securities and Exchange Commission (SEC). As a result, this press release should be read in conjunction with Spotlight Innovation's periodic filings with the SEC. The forward-looking statements contained herein are made only as of the date of this press release and Spotlight Innovation undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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SOURCE Spotlight Innovation Inc.
Released June 21, 2017