WEST DES MOINES, Iowa, Nov. 9, 2016 /PRNewswire/ -- Spotlight Innovation Inc. (OTCQB: STLT) today announced that on November 7, 2016, it was made aware by OTC Markets of promotional activities surrounding the Company's common stock.
The activities were promotional newsletter emails encouraging investors to purchase the Company's common stock. 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 newsletters' dissemination, or the responsible parties.
Neither the Company, its officers, directors and, to the Company's knowledge, its controlling shareholders (i.e., shareholders owning 10% or more of the Company's securities) have, directly or indirectly, authorized or been involved in any way (including payment to a third-party) with the creation or distribution of promotional materials including these email newsletters; and that neither the Company's officers, directors and, to the knowledge of the Company, any controlling shareholders, sold or purchased shares of Common Stock of the Company within the last 30 days. 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.
"The Company is not affiliated in any way with the authors of these promotional newsletter emails. The Company issues press releases in the regular course of business and includes in its filings with the SEC the business activities of the Company, and investors are encouraged to rely on the information provided directly by the Company," said Cristopher Grunewald, President and Chief Executive Officer of Spotlight Innovation.
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 (the "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.