Avid Bioservices Inc (CDMO)

[biopharm]

It is typical for shareholders to send in registered letters to the SEC/Nasdaq and the company... this case, being Peregrine Pharmaceuticals and here is proof below on what happens when the SEC receives such letters:

The SEC will then start to question Peregrine Pharmaceuticals and will the SEC begin to question Peregrine regarding authorized shares and were they part of negotiations with another Big Pharma?

Would those authorized shares (if not reduced by a possible RS) ... result in some other party gaining a control of a certain percentage of the company that was requested in negotiations?

Abbott(now Abbvie) may have been promised a certain percentage of the company and a certain amount of authorized shares and would future negotiations follow similar patterns and what question would the SEC have for Peregrine ?

I think my letter will result in many questions I have that I'd like the SEC to follow up on and get to the bottom of...





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SEC question #1 )

You disclose that the Reverse Stock Split will reduce the number of issued and outstanding shares which will result in an increase in the number of authorized but unissued shares. Please expand your disclosure to describe any plans, commitments or arrangements, other than the Transaction, with respect to the increased number of authorized unissued shares of Common Stock. If you do not have any such plans, commitments or arrangements, please so state.

SEC question #2 )

Please revise your information statement to disclose the number of record holders before and after completion of the Reverse Stock Split and cash-out of fractional shareholders. If the number of record holders will fall below 300 please revise your disclosure to provide the information required by Rule 13e-3 of the Securities Exchange Act of 1934. Alternatively, please provide us with your analysis as to why Rule 13e-3 is not applicable. Please note that we may have further comments after reviewing your revised disclosure and any additional information you provide us supplementally.

https://www.sec.gov/Archives/edgar/data/1262104/000119312512478607/filename1.htm