10-K/A

ELITE PHARMACEUTICALS INC /NV/ (ELTP)

10-K/A 2021-06-22 For: 2021-03-31
View Original
Added on April 06, 2026

UNITEDSTATES

SECURITIESAND EXCHANGE COMMISSION

WASHINGTON,D.C. 20549

FORM10-K/A

AmendmentNo. 1

[X] ANNUALREPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE ANNUAL PERIOD ENDED MARCH 31, 2021

OR

[  ] TRANSITIONREPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM _______________ TO _______________

COMMISSION FILE NUMBER: 001-15697

ELITE PHARMACEUTICALS, INC.
(Exact<br> Name of Registrant as Specified in Its Charter)
NEVADA 22-3542636
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(State<br> or other jurisdiction of<br><br> <br>incorporation<br> or organization) (I.R.S.<br> Employer<br><br> <br>Identification<br> No.)
165 LUDLOW AVENUE<br><br> <br>NORTHVALE, NEW JERSEY 07647
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(Address<br> of principal executive offices) (Zip<br> Code)
(201) 750-2646
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(Registrant’s<br> telephone number, including area code)<br><br> <br><br><br> <br>Securities<br> Registered pursuant to Section 12(g) of the Act:
Title<br> of each class Trading<br> Symbol Name<br> of each exchange on which registered
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Common<br> Stock, par value $0.001 per share ELTP OTCQB

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [  ] No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934. Yes [  ] No [X]

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [  ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large<br> accelerated filer [  ] Accelerated<br> filer [  ]
Non-accelerated<br> filer [X] Smaller<br> reporting company [X]
Emerging<br> growth company [  ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report. [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

The aggregate market value of Common Stock held by non-affiliates at September 30, 2020, the last business day of the registrant’s most recently completed second fiscal quarter was $56,138,409.

The number of shares of the registrant’s Common Stock outstanding as of June 7, 2021 was 1,009,176,752.

EXPLANATORYNOTE


This Amendment No. 1 on Form 10-K/A (Amendment No. 1) is being filed to amend our Annual Report on Form 10-K for the annual period ended March 31, 2021 (Original Filing), filed with the U.S. Securities and Exchange Commission on June 14, 2021 (Original Filing Date). The sole purpose of this Amendment No. 1 is to correct a typographical error in the previously filed report located in Item 5 of Part II, Market for Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities, which inadvertently stated the last sale price of Common Stock as reported by the OTCBB as “$0.60” rather than “$0.06”.

Except as described above, no changes have been made to the Original Filing, and this Amendment No. 1 does not modify, amend or update in any way any of the financial or other information contained in the Original Filing. This Amendment No. 1 does not reflect events that may have occurred subsequent to the Original Filing Date.

Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended, this Amendment No. 1 also contains the inclusion of the certifications required under Section 302 of the Sarbanes-Oxley Act of 2002 in Item 15 of Part IV. Because no financial statements have been included in this Amendment No. 1 and this Amendment No. 1 does not contain or amend any disclosure with respect to Items 307 and 308 of Regulation S-K, paragraphs 3, 4, and 5 of the certifications have been omitted. This Amendment No. 1 does not include new certifications under Section 906 of the Sarbanes-Oxley Act of 2002 because no financial statements are included in this Amendment No. 1.

PARTIV

ITEM15. EXHIBITS, FINANCIAL STATEMENTS AND SCHEDULES

Exhibit No. Description
3.1(a) Articles<br> of Incorporation of Elite-Nevada, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the SEC on<br> January 9, 2012.
3.1(b) Certificate<br> of Designations of the Series G Convertible Preferred Stock as filed with the Secretary of State of the State of Nevada on April<br> 18, 2013, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K, dated April 18, 2013 and filed with the SEC<br> on April 22, 2013.
3.1(c) Certificate<br> of Designation of the Series H Junior Participating Preferred Stock, incorporated by reference to Exhibit 2 (contained in Exhibit<br> 1) to the Registration Statement on Form 8-A filed with the SEC on November 15, 2013.
3.1(d) Certificate<br> of Designations of the Series I Convertible Preferred Stock as filed with the Secretary of State of the State of Nevada on February<br> 6, 2014, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, dated February 6, 2014 and filed with the SEC<br> on February 7, 2014.
3.1(e) Certificate<br> of Designations of the Series J Convertible Preferred Stock as filed with the Secretary of State of the State of Nevada on May 3,<br> 2017, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, dated April 28, 2017 and filed with the SEC on<br> April 28, 2017.
3.1(f) Certificate<br> of Amendment to Articles of Incorporation, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, dated June<br> 24, 2020 and filed with the SEC on June 24, 2020.
3.2(a) Amended<br> and Restated By-Laws of the Company, incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K dated April 23, 2020<br> and filed with the SEC on April 23, 2020.
4.1 Form<br> of specimen certificate for Series G Convertible Preferred Stock of the Company, incorporated by reference to Exhibit 4.2 to the<br> Current Report on Form 8-K, dated April 18, 2013 and filed with the SEC on April 22, 2013.
4.2 Form<br> of specimen certificate for Series I Convertible Preferred Stock of the Company, incorporated by reference to Exhibit 4.2 to the<br> Current Report on Form 8-K, dated February 6, 2014 and filed with the SEC on February 7, 2014.
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4.3 Rights<br> Agreement, dated as of November 15, 2013, between the Company and American Stock Transfer & Trust Company, LLC., incorporated<br> by reference to Exhibit 1 to the Registration Statement on Form 8-A filed with the SEC on November 15, 2013.
4.4 Form<br> of Series H Preferred Stock Certificate, incorporated by reference to Exhibit 1 to the Registration Statement on Form 8-A filed with<br> the SEC on November 15, 2013.
4.5 Warrant<br> to purchase shares of Common Stock issued to Nasrat Hakim dated April 28, 2017 incorporated by reference to Exhibit 4.1 to the Current<br> Report on Form 8-K, dated April 28, 2017, and filed with the SEC on April 28, 2017.
4.6 Description<br> of Common Stock, incorporated by reference to Exhibit 4.6 to the Report 10-K filed in June 2020.
10.1 Elite<br> Pharmaceuticals, Inc. 2014 Equity Incentive Plan, incorporated by reference to Appendix B to the Company’s Definitive Proxy<br> Statement for its Annual Meeting of Shareholders, filed with the SEC on April 3, 2014.
10.2 Form<br> of Confidentiality Agreement (corporate), incorporated by reference to Exhibit 10.7 to the Form SB-2.
10.3 Form<br> of Confidentiality Agreement (employee), incorporated by reference to Exhibit 10.8 to the Form SB-2.
10.4 Loan<br> Agreement, dated as of August 15, 2005, between New Jersey Economic Development Authority (“NJEDA”) and the Company,<br> incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, dated August 31, 2005 and filed with the SEC on September<br> 6, 2005.
10.5 Series<br> A Note in the aggregate principal amount of $3,660,000.00 payable to the order of the NJEDA, incorporated by reference to Exhibit<br> 10.2 to the Current Report on Form 8-K, dated August 31, 2005 and filed with the SEC on September 6, 2005.
10.6 Series<br> B Note in the aggregate principal amount of $495,000.00 payable to the order of the NJEDA, incorporated by reference to Exhibit 10.3<br> to the Current Report on Form 8-K, dated August 31, 2005 and filed with the SEC on September 6, 2005.
10.7 Mortgage<br> from the Company to the NJEDA, incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K, dated August 31, 2005<br> and filed with the SEC on September 6, 2005.
10.8 Indenture<br> between NJEDA and the Bank of New York as Trustee, dated as of August 15, 2005, incorporated by reference to Exhibit 10.5 to the<br> Current Report on Form 8-K, dated August 31, 2005 and filed with the SEC on September 6, 2005.
10.13 Employment<br> Agreement, dated as of November 13, 2009, by and between the Company and Carter J. Ward, incorporated by reference to Exhibit 10.2<br> to the Quarterly Report on Form 10-Q, for the period ending September 30, 2009 and filed with the SEC on November 16, 2009.+
10.15 License<br> Agreement, dated as of September 10, 2010, by and among Precision Dose Inc. and the Company, incorporated by reference to Exhibit<br> 10.8 to the Quarterly Report on Form 10-Q, for the period ended September 30, 2010 and filed with the SEC on November 15, 2010 (Confidential<br> Treatment granted with respect to portions of the Agreement).
10.16 Manufacturing<br> and Supply Agreement, dated as of September 10, 2010, by and among Precision Dose Inc. and the Company, incorporated by reference<br> to Exhibit 10.9 to the Quarterly Report on Form 10-Q, for the period ended September 30, 2010 and filed with the SEC on November<br> 15, 2010 (Confidential Treatment granted with respect to portions of the Agreement).
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10.17 August<br> 1, 2013 Employment Agreement with Nasrat Hakim, incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K, dated<br> August 1, 2013 and filed with the SEC on August 5, 2013.+
10.18 August<br> 1, 2013 Mikah LLC Asset Purchase Agreement, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K/A, dated<br> August 1, 2013 and filed with the SEC on August 30, 2018. (Confidential Treatment granted with respect to portions of the Agreement).
10.19 August<br> 1, 2013 Secured Convertible Note from the Company to Mikah Pharma LLC., incorporated by reference to Exhibit 10.2 to the Current<br> Report on Form 8-K, dated August 1, 2013 and filed with the SEC on August 5, 2013.
10.20 August<br> 1, 2013 Security Agreement from the Company to Mikah Pharma LLC., incorporated by reference to Exhibit 10.3 to the Current Report<br> on Form 8-K, dated August 1, 2013 and filed with the SEC on August 5, 2013.
10.21 October<br> 15, 2013 Hakim Credit Line Agreement, incorporated by reference to Exhibit 10.16 to the Quarterly Report on Form 10-Q for the period<br> ended September 30, 2013.
10.22 October<br> 2, 2013 Manufacturing and Licensing Agreement with Epic Pharma LLC, incorporated by reference to Exhibit 10.17 to the Amended Quarterly<br> Report on Form 10-Q/A for the period ended September 30, 2013 and filed with the SEC on April 25, 2014. Confidential Treatment granted<br> with respect to portions of the Agreement.
10.23 February<br> 7, 2014 Amendment to Secured Convertible Note from the Company to Mikah, incorporated by reference to Exhibit 10.1 to the Current<br> Report on Form 8-K, dated February 7, 2014 and filed with the SEC on February 7, 2014.
10.24 Employment<br> Agreement with Dr. G. Kenneth Smith, dated October 20, 2014, incorporated by reference to Exhibit 10.82 to the Quarterly Report on<br> Form 10-Q for the period ended September 30, 2014 and filed with the SEC on November 14, 2014.+
10.25 January<br> 28, 2015 First Amendment to the Loan Agreement between Nasrat Hakim and Elite Pharmaceuticals dated October 15, 2013, incorporated<br> by reference to Exhibit 10.83 to the Quarterly Report on Form 10-Q for the period ended December 31, 2014 and filed with the SEC<br> on February 17, 2015.
10.26 January<br> 28, 2015 Termination of Development and License Agreement for Mikah-001 between Elite Pharmaceuticals, Inc. and Mikah Pharma LLC<br> and Transfer of Payment, incorporated by reference to Exhibit 10.84 to the Quarterly Report on Form 10-Q for the period ended December<br> 31, 2014 and filed with the SEC on February 17, 2015.
10.28 Amendment<br> No. 1 to Hakim Employment Agreement, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC<br> on January 29, 2016.
10.29 August<br> 24, 2016 Master Development and License Agreement between Elite and SunGen Pharma LLC. incorporated by reference to Exhibit 10.44<br> to the Quarterly Report on Form 10-Q for the period ended September 30, 2016 and filed with the SEC on November 9, 2016. (Confidential<br> Treatment granted with respect to portions of the Agreement).
10.30 Purchase<br> Agreement between the Company and Lincoln Park Capital LLC dated July 8, 2020, incorporated by reference to Exhibit 10.1 to the Current<br> Report on Form 8-K, dated July 9, 2020 and filed with the SEC on July 9, 2020.
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10.31 Registration<br> Rights Agreement between the Company and Lincoln Park Capital LLC dated July 8, 2020, incorporated by reference to Exhibit 10.2 to<br> the Current Report on Form 8-K, dated July 9, 2020 and filed with the SEC on July 9, 2020.
10.33 May<br> 2017 Trimipramine Acquisition Agreement from Mikah Pharma, incorporated by reference to Exhibit 10.50 to the Annual Report on Form<br> 10-K, for the period ended March 31, 2017 and filed with the SEC on June 14, 2017.
10.34 May<br> 2017 Secured Promissory Note from the Company to Mikah Pharma, incorporated by reference to Exhibit 10.51 to the Annual Report on<br> Form 10-K, for the period ended March 31, 2017 and filed with the SEC on June 14, 2017.
10.35 May<br> 2017 Security Agreement between the Company to Mikah Pharma, incorporated by reference to Exhibit 10.52 to the Annual Report on Form<br> 10-K, for the period ended March 31, 2017 and filed with the SEC on June 14, 2017.
10.36 May<br> 2017 Assignment of Supply and Distribution Agreement between Dr. Reddy’s Laboratories and Mikah Pharma, incorporated by reference<br> to Exhibit 10.53 to the Annual Report on Form 10-K, for the period ended March 31, 2017 and filed with the SEC on June 14, 2017.
10.37 May<br> 2017 Assignment of Manufacturing and Supply Agreement between Epic and Mikah Pharma, incorporated by reference to Exhibit 10.54 to<br> the Annual Report on Form 10-K, for the period ended March 31, 2017 and filed with the SEC on June 14, 2017.
10.38 Supply<br> and Distribution Agreement between Dr. Reddy’s Laboratories and Mikah Pharma, incorporated by reference to Exhibit 10.55 to<br> the Annual Report on Form 10-K, for the period ended March 31, 2017 and filed with the SEC on June 14, 2017. (Confidential Treatment<br> granted with respect to portions of the Agreement).
10.39 Manufacturing<br> and Supply Agreement between Epic and Mikah Pharma, incorporated by reference to Exhibit 10.56 to the Annual Report on Form 10-K,<br> for the period ended March 31, 2017 and filed with the SEC on June 14, 2017. (Confidential Treatment granted with respect to portions<br> of the Agreement).
10.40 Master<br> Development and License Agreement For Products Between Elite Pharmaceuticals, Inc. And SunGen dated July 6, 2017, incorporated by<br> reference to Exhibit 10.57 to the Quarterly Report on Form 10-Q for the period ended June 30, 2017 and filed with the SEC on August<br> 9, 2017. (Confidential Treatment granted with respect to portions of the Agreement).
10.41 First<br> Amendment to Master Development And License Agreement For Products Between Elite Pharmaceuticals, Inc. and SunGen Pharma, LLC, incorporated<br> by reference to Exhibit 10.59 to the Quarterly Report on Form 10-Q for the period ended June 30, 2017 and filed with the SEC on August<br> 9, 2017. (Confidential Treatment granted with respect to portions of the Agreement).
10.42 Second<br> Amendment to Master Development And License Agreement For Products Between Elite Pharmaceuticals, Inc. and SunGen Pharma, LLC, incorporated<br> by reference to Exhibit 10.58 to the Quarterly Report on Form 10-Q for the period ended June 30, 2017 and filed with the SEC on August<br> 9, 2017. (Confidential Treatment granted with respect to portions of the Agreement).
10.45 License,<br> Supply And Distribution Agreement effective March 6, 2019 by and between Elite Pharmaceuticals, Inc., and Elite Laboratories, Inc.<br> and Lannett Company, Inc., USA, incorporated by reference to Exhibit 10.45 to the Quarterly Report on Form 10-Q, for the period ended<br> December 31, 2019 and filed with the SEC on February 10, 2020. (Portions of this Agreement have been redacted in compliance with<br> Regulation S-K Item 601(b)(10)).
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10.46 License,<br> Supply and Distribution Agreement effective April 9, 2019 by and between Elite Pharmaceuticals, Inc., and Elite Laboratories, Inc.<br> and Lannett Company, Inc., USA, incorporated by reference to Exhibit 10.49 to the Annual Report on Form 10-K for the period ended<br> March 31, 2019 and filed with the SEC on June 21, 2019 (portions of this Agreement have been redacted in compliance with Regulation<br> S-K Item 601(b)(10)).
10.47 License,<br> Supply and Distribution Agreement effective March 6, 2019 by and between Elite Pharmaceuticals, Inc., and Elite Laboratories, Inc.<br> and Lannett Company, Inc., USA, incorporated by reference to Exhibit 10.50 to the Annual Report on Form 10-K for the period ended<br> March 31, 2019 and filed with the SEC on June 21, 2019 (portions of this Agreement have been redacted in compliance with Regulation<br> S-K Item 601(b)(10)).
10.48 Development<br> Agreement effective December 3, 2018 by and between Mikah Pharma LLC and Elite Laboratories, Inc., incorporated by reference to Exhibit<br> 10.51 to the Annual Report on Form 10-K for the period ended March 31, 2019 and filed with the SEC on June 21, 2019 (portions of<br> this Agreement have been redacted in compliance with Regulation S-K Item 601(b)(10)).
10.49 Asset<br> Purchase Agreement dated November 13, 2019 by and between the Company and Nostrum Laboratories Inc. , incorporated by reference to<br> Exhibit 10.49 to the Quarterly Report on Form 10-Q, for the period ended December 31, 2019 and filed with the SEC on February 10,<br> 2020.
10.50 January<br> 2, 2020 Amendment to the Glenmark Pharmaceuticals Inc. USA License, Supply and Distribution Agreement, incorporated by reference<br> to Exhibit 10.50 to the Quarterly Report on Form 10-Q, for the period ended December 31, 2019 and filed with the SEC on February<br> 10, 2020. (Portions of this Agreement have been redacted in compliance with Regulation S-K Item 601(b)(10)).
10.51 Asset<br> Purchase Agreement executed January 16, 2020 by and between the Company and Nostrum Laboratories Inc., incorporated by reference<br> to Exhibit 10.49 to the Quarterly Report on Form 10-Q, for the period ended December 31, 2019 and filed with the SEC on February<br> 10, 2020.
10.52 Employment<br> Agreement with Douglas Plassche, incorporated by reference to Exhibit 10.52 to the Annual Report on Form 10-K, for the period ended<br> March 31, 2021 and filed with the SEC on June 14, 2021+
10.53 June<br> 21, 2019 Retention Agreement with Douglas Plassche, incorporated by reference to Exhibit 10.53 to the Annual Report on Form 10-K,<br> for the period ended March 31, 2021 and filed with the SEC on June 14, 2021+
10.54 July<br> 29, 2019 Amendment To The License, Supply And Distribution Agreement Between Elite Pharmaceuticals, Inc./Elite Laboratories, Inc.<br> And Lannett Company, Inc. (Portions of this Agreement have been redacted in compliance with Regulation S-K Item 601(b)(10)).
21 Subsidiaries of the Company, incorporated by reference to Exhibit 21 to the Annual Report on Form 10-K, for the period ended March 31, 2019 and filed with the SEC on June 21, 2019.
23.1 Consent of Buchbinder Tunick & Company LLP, Independent Registered Public Accounting Firm, incorporated by reference to Exhibit 23.1 to the Annual Report on Form 10-K, for the period ended March 31, 2021 and filed with the SEC on June 14, 2021
31.1* Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a) and Rule 15d-14(a)
31.2* Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a) and Rule 15d-14(a)
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32.1** Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, incorporated by reference to Exhibit 32.1 to the Annual Report on Form 10-K, for the period ended March 31, 2021 and filed with the SEC on June 14, 2021
32.2** Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, incorporated by reference to Exhibit 32.2 to the Annual Report on Form 10-K, for the period ended March 31, 2021 and filed with the SEC on June 14, 2021
101.INS* XBRL<br> Instance Document
101.SCH* XBRL<br> Taxonomy Schema Document
101.CAL* XBRL<br> Taxonomy Extension Calculation Linkbase Document
101.DEF* XBRL<br> Taxonomy Extension Definition Linkbase Document
101.LAB* XBRL<br> Taxonomy Extension Label Linkbase Document
101.PRE* XBRL<br> Taxonomy Extension Presentation Linkbase Document
104 Cover<br> Page Interactive Data File
* Filed<br> herewith.
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** Furnished.
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+ Indicates<br> management contract or compensatory plan or arrangement.
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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ELITE PHARMACEUTICALS, INC.
Dated:<br> June 22 2021 By: /s/ Nasrat Hakim
Nasrat<br> Hakim
Chief<br> Executive Officer
Dated:<br> June 22, 2021 By: /s/ Marc Bregman
Marc<br> Bregman
Chief<br> Financial Officer

Exhibit31.1


CERTIFICATIONBY PRINCIPAL EXECUTIVE OFFICER

I, Nasrat Hakim, certify that:

1. I<br> have reviewed this Amendment No. 1 to the Annual Form on Form 10-K of Elite Pharmaceuticals, Inc.; and
2. Based<br>on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make<br>the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered<br>by this report.
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Date:<br> June 22, 2021 /s/ Nasrat Hakim
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Nasrat<br> Hakim<br><br> <br>Chief<br> Executive Officer, President and Chairman of the Board of Directors<br><br> <br>(Principal<br> Executive Officer)

Exhibit31.2


CERTIFICATIONBY PRINCIPAL FINANCIAL OFFICER

I, Marc Bregman certify that:

1. I<br> have reviewed this Amendment No. 1 to the Annual Report on Form 10-K of Elite Pharmaceuticals, Inc.; and
2. Based<br>on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make<br>the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the periods<br>covered by this report.
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Date:<br> June 22, 2021 /s/ Marc Bregman
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Marc<br> Bregman<br><br> <br>Chief<br> Financial Officer, Treasurer and Secretary<br><br> <br>(Principal<br> Accounting and Financial Officer)