Avid Bioservices Inc (CDMO)

[Dragon Lady]

Quote LOL, "VERY OBVIOUS OUTSIDE EFFORTS TO DIMINISH PPHM AND PROMOTE NON-EXISTENT RS. "

"OUTSIDE" what????? NON-EXISTENT RS what ?????????

Lets check them ole PPHM PESKY SEC FILINGS and see what they have to say about the FACTUAL REALITY of fantasy "obvious" blah, blah, blah......

1) It's a 100% "INSIDE EFFORT" (NOT "outside", LOL !!) to promote a 1-for-7 REVERSE SPLIT and PPHM's own duly filed SEC filings say just that.

2) The 1-for-7 reverse split is 100% APPROVED as RECOMMENDED BY THEE DULY SITTING PPHM Board of Directors, thus it can't be ""non-existent" as falsely claimed.

https://www.sec.gov/Archives/edgar/data/704562/000101968716007374/peregrine_def14a-2016.htm

That there is known as a SEC FILED PROXY SOLICITATION, and here's what it said (PAGE 13):

"Our Board of Directors has unanimously authorized and approved, and is submitting for stockholder approval, a proposal to amend our certificate of incorporation, as amended, to effect a reverse stock split of our issued and outstanding common stock at a ratio to be established by our Board of Directors in its discretion, of up to 1-for-7 (the “Reverse Split”), and to grant the Board of Directors discretionary authority, until our 2017 annual meeting of stockholders, to determine whether or not to effect the Reverse Split and the exact whole number ratio within the range at which to effect the Reverse Split. In setting the ratio for the Reverse Split, the intention of our Board of Directors would be to increase the trading price of our common stock sufficiently above the $1.00 minimum bid price that is required for continued listing on The NASDAQ Capital Market in order to reduce the risk that our common stock is delisted from The NASDAQ Capital Market and to sustain long term compliance with the listing rules of The NASDAQ Stock Market LLC (“NASDAQ”) The full text of the proposed amendment is attached hereto as Exhibit A (the “Amendment”).

BINGO....it's real.....

AND, a DELISING NOTICE FROM THEE NASDAQ.....SEC Form 8-K:

https://www.sec.gov/Archives/edgar/data/704562/000168316816000298/peregrine_8k.htm

"Item 3.01
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

Peregrine Pharmaceuticals, Inc. (the “Company”) received a letter from the Listing Qualifications Department (the “Staff”) of The NASDAQ Stock Market LLC (“NASDAQ”) on October 11, 2016 providing notification that in accordance with NASDAQ Listing Rule 5810(c)(3)(A), the Company is eligible for an additional 180 calendar day period, or until April 10, 2017, to regain compliance with the minimum $1.00 bid price per share requirement for continued listing on The NASDAQ Capital Market under NASDAQ’s Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”). Previously, on April 12, 2016, NASDAQ had notified the Company that it did not meet the Minimum Bid Price Requirement for continued listing on The NASDAQ Capital Market, and the Company was given until October 10, 2016 to regain compliance. The October 11, 2016 notification letter has no effect at this time on the listing of the Company’s common stock on The NASDAQ Capital Market or trading of the Company’s common stock.

The Staff’s determination in the October 11, 2016 notification letter was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The NASDAQ Capital Market with the exception of the Minimum Bid Price Requirement, and the Company’s written notice to NASDAQ of its intention to regain compliance by effecting a reverse stock split, if necessary. The Company may achieve compliance during this additional 180-day period if the closing bid price of the Company’s common stock is at least $1.00 per share for a minimum of 10 consecutive business days, but generally no more than 20 consecutive business days, before April 10, 2017.

If the Company chooses to implement a reverse stock split in order to regain compliance with the Minimum Bid Price Requirement, the Company must complete the split no later than 10 business days prior to April 10, 2017 in order to timely regain compliance. If the Company does not regain compliance by April 10, 2017, the Staff indicated that it will provide written notification to the Company that its common stock will be delisted. At that time, the Company may appeal the Staff’s delisting determination to a NASDAQ Hearings Panel (“Panel”). The Company’s common stock would remain listed pending the Panel’s decision. There can be no assurance that, if the Company does appeal any delisting determination by the Staff to the Panel, that such appeal would be successful."


AND....POST PROXY VOTE APPROVAL of said supposedly non existent REVERSE SPLIT:

https://www.sec.gov/Archives/edgar/data/704562/000168316816000316/peregrine_8k.htm

That there is ANOTHER SEC 8-K FILING..and it says the following:

"Proposal No. 3: To Approve an Amendment to the Company’s Certificate of Incorporation

The Company’s stockholders approved an amendment to the Company’s restated Certificate of Incorporation, as amended, to effect a reverse stock split of shares of the Company’s common stock issued and outstanding at a ratio to be established by the Company’s Board of Directors in its discretion, of up to 1-for-7,.... "

PASSED BY A 2 to 1 MARGIN NO LESS, LOL !! SHAZAM...what a surprise, eh?

It's REAL...and it's "IMMINENT".....