Nasdaq appeal decision could come as-late-as 7-2-17 I did not know this: “The Hearing Panel typically issues a decision within 30 days of the hearing.” If anybody sees any errors I’ve made, let me know and I’ll fix & re-post.
B. NASDAQ APPEAL REQUEST: The company then has 7 days to appeal the determination. The company is typically scheduled for a hearing 30-45 days from the date of its request for a hearing, and informed of this date & time within a week of its request. * The Latest date possible for the Hearing would be 4-18-17 + 45days = 6-2-17 (Friday).
C. HEARING: A company is allotted approx. 50 mins. to make its presentation. The hearing takes place in a conference room before 2 panelists (2 professionals from the business community, who are indep. of Nasdaq – the pool of panelists includes academics, accountants, auditors, corporate officers, investor advocacy representatives, investment bankers, securities lawyers, and venture capitalists), a Hearings Advisor, and a court reporter. Nasdaq does not typically attend, but may; if Nasdaq decides to attend, the company will be informed. A company may make its presentation in any form it wishes and should expect questions from the Panel. The Panel will want to understand the reasons for the company's deficiency and the specific details of its plan of compliance, including a timeline for regaining compliance... Nasdaq does not make a Panel's decision letter publicly available. However, Nasdaq cannot guarantee confidentiality since documents & information provided to Nasdaq may be subject to subpoenas from private parties or requests for access from federal or state gov’t agencies & self-regulatory bodies.
D. DECISION. The Hearing Panel typically issues a decision within 30 days of the hearing. * For Peregrine, decision could be as late as (6-2-17 + 30days) = 7-2-17 (Sunday).
E. FURTHER APPEALS. May a company appeal a Hearing Panel's decision? Yes. A company may appeal a Panel's decision to the Listing Council. The Listing Council may also decide to call the decision for review. The appeal to the Listing Council does not stay a Panel's decision or the suspension of the trading of a company's shares pending a final determination by the Listing Council. If the Listing Council overturns a Panel decision, then the company's securities may be reinstated on Nasdaq. After a determination by the Listing Council, a company may appeal to the SEC and, from there, it may proceed to the federal court system. SOURCE: https://listingcenter.nasdaq.com/Material_Search.aspx?cid=14&mcd=LQ
= = = = = = = = = = = = = = = = = = = = = = = = = Peregrine’s 4-11-17 Form 8-K, “Notice of Delisting: Received: “On April 11, 2017, Peregrine received a letter from NASDAQ stating that the Company has not regained compliance with the $1.00 min. closing bid price requirement… The letter further states that the Nasdaq has determined to delist the Company’s securities on April 20, 2017, unless the Company requests a hearing before the NASDAQ Hearings Panel by April 18, 2017 to appeal the Staff’s determination to delist its securities. The Company intends to timely request such a hearing before the Panel, and such request will stay any delisting action by the Staff pending the issuance of a written Panel decision. The Panel will typically hold a hearing to consider an appeal within 45 days after the request for a hearing is made. At the hearing, the Company will present its plan to regain compliance with the requirements for continued listing on The NASDAQ Capital Market. The Company is considering several paths to regain compliance with the Minimum Bid Price Requirement, including, among other things, a reverse stock split. As previously disclosed, the Company’s stockholders approved a reverse stock split of the Company’s common stock at a ratio of up to 1-for-7, to be determined by the Company’s Board of Directors in its sole discretion and effected, if at all, at any time until the Company’s 2017 annual meeting of stockholders [~10-12-18].” https://www.sec.gov/Archives/edgar/data/704562/000168316817000902/peregrine_8k.htm
= = = = = = = = = = 3-13-17 Qtly. Conf. Call (King/Shan/Worsley/Lytle) Transcript http://tinyurl.com/grhwjvy PL: “Switching gears now, I’d like to address our plans to preserve our NASDAQ listing. At a backdrop, last April, we were notified by the NASDAQ that our share price did not meet the $1 min. bid price for 30 consecutive days, which is a requirement for continued listing on the NASDAQ market. At that time, we were automatically afforded an initial compliance period of 180 days or until Oct. 10, 2016 to regain compliance. At the end of the initial compliance period, we requested and were granted a 180 day extension to regain compliance. This 2nd extension period will end on April 10, 2017. Let me discuss our strategy and future steps we plan to take over the next few months. First & foremost, we have determined that it is not in the best interest of our stockholders to affect a reverse stock split prior to April 10, 2017. If our share price does not trade above $1 for 10 consecutive trading days by April 10th, we expect to receive a notice of delisting. If we received this notice, we will appeal this decision within the required 7 days and this appeal will stay any delisting actions by NASDAQ. At that point, NASDAQ will schedule a hearing, which is typically held within 45 days, and we will present our plan to regain compliance. We are considering several paths to regain compliance, including having addl. time to continue to allow the market to adjust, to reflect the current value of Avid as evidence with the recent movement in our share price. The hearing panel could afford us up to 180 addl. days to regain compliance, although this addl. time is not guaranteed and this decision is at the discretion of the NASDAQ’s hearing panel. If we are not afforded addl. time from this panel, it is important to note that our stockholders approved the Board’s ability to implement a reverse stock split at a ratio of up to 1:7 as a means to regain compliance and to preserve our listing on NASDAQ. During this entire process, Peregrine will continue to be listed on that NASDAQ capital market as it does today. We will keep you informed on any material developments through our SEC filings on Form 8-K as we execute on this plan.” *ALL SEC filings for PPHM: http://tinyurl.com/6d4jw8
Jun2-6: ASCO 2017, Chicago https://am.asco.orgSee: http://tinyurl.com/kkpqvra PPHM Exhibiting – booth #13124 (next to Moffitt CC) #1: 6-3-17 1:15-4:45pm, #11603, “Prelim. Correlative Analysis of PD-L1 Expression from the Sunrise Study” (Sunrise Biomarker #4) ...11 Authors: LEAD: Nikoletta Lea Kallinteris (PPHM); SENIOR: Cliff Hoyt (PerkinElmer, "Technology Strategist", see http://tinyurl.com/kk5ald6 ) #2: #e23091 (pub.only): “Effect Of Bavituximab In Combination With Nivolumab (Opdivo) on Tumor Immune Response in a 3D Ex Vivo System of Lung Cancer Patients” ...Authors: LEAD is from Nilogen Oncosystems, SENIOR from Moffitt w/Scott Antonio and PPHM co-authors. **See ASCO 2017 DETAILS BELOW**
Jun18-20: ICDS’17, Annual ICDS Conf. on Cell Death in Development & Disease, Israel http://www.weizmann.ac.il/conferences/CDDD2017 ...Jun20 11:30-12:00pm: Raymond Birge (Rutgers), “Regulation of Efforocytosis by Phosphatidyserine Receptor”
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