Per my message last week, I think that a quiet period for an S1 only starts after the S1 is approved (and then extends for 40 days). So if GNBT is in a quiet period, and the S1 has NOT been approved, then the QP is for something else. AFAIK, there have been no approvals of either the financing S1 or the preferred stock issuance, so I'm guessing it has something to do with BARDA or CEPI.

I believe we are going to have to start thinking of GNBT as two entities - GNBT and NGIO. One can be doing one thing under restrictions (or no restrictions), while the other might have no restrictions (or a restriction). I think this occurred when the Form 10 was approved and NGIO became a separate entity, regardless that it isn't listed on an exchange. That's just a step to get public funding through stock issuance; the Form 10 establishes that the company exists, is operating, and is responsible for reporting like any company.