Item 8.01 Other Events.

On December 30, 2022, Leo Ehrlich, Chief Executive Officer of Innovation Pharmaceuticals Inc. (the "Company"), surrendered 11,307,527 shares of the Company's Class B common stock to the Company for individual tax planning purposes. Mr. Ehrlich received no consideration for the surrender of the shares.

Following the surrender of the shares, 4,333,936 shares of Class B common stock remain outstanding, all of which are held by Mr. Ehrlich. Each share of Class B common stock entitles the holder to ten votes per share and each share of Class A common stock entitles the holder to one vote per share on all matters submitted to the Company's stockholders for a vote. The Class B common stock is convertible at any time by the holder into shares of Class A common stock on a share-for-share basis.






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