Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
On April 12, 2021, Adeel Ahmed-Daudpota, age 34, has been appointed as the
President and Interim Chief Executive Officer of the Immune Pharmaceuticals to
fill the vacancy that resulted from the company entering into chapter 7.
Mr. Ahmed-Daudpota is an investment banker, predominantly specializing in M&A,
restructurings, and Special Situations. In connection with his appointment to
the board of Immune Pharmaceuticals as Interim CEO, Mr Daudpota's role Will
entail providing the company's shareholders options to continue trading and for
identifying and merging with another viable pharmaceutical business.
The appointment as such carries no compensation and does not cover any expenses.
This is subject to change post-merger.
The proposed merger is intended to protect existing shareholder interest and
provide a private pharmaceutical company a public company and large shareholder
base to raise additional capital.
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Item 8.01. Other Events
Mr Daudpota effective immediately upon appointment shall be responsible for
updating the company's filings to bring the company up to date with its
regulatory requirements, In addition Mr. Daudpota is responsible for providing a
viable merger candidate and overseeing the merger with a new entity.
Mr Daudpota hereby notifies the market that a merger is expected to take place
within the coming weeks that will ensure the common stock holders will be
protected from discontinuation of trading or loss of public equity.
Mr Daudpota has secured the full support of United General LTD a UK investment
firm and liquidity provider, Where he also he holds a board position.
The proposed merger plan will separate the Immune Pharmaceuticals LLC (In
chapter 7) into the surviving entity that will not be subject to chapter 7
Holders of common stock under this structure will retain a shareholding in the
surviving public company and will be afforded as such shareholder rights in the
new operating pharmaceutical company post-merger.
Upon completion of the merger, we will appoint a new board and apply to have the
bankruptcy status lifted from Finra.
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