PPHM the huge drop in late June was started by this 8K
Entry into a Material Definitive Agreement, Financial Statements an
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On June 22, 2010, Peregrine Pharmaceuticals, Inc. (the "Company") entered into an At Market Issuance Sales Agreement (the "Agreement"), with McNicoll, Lewis & Vlak LLC ("MLV"), under which the Company may sell an aggregate of $15,000,000 in gross proceeds of the Company's common stock from time to time through MLV, as the agent for the offer and sale of the common stock. MLV may sell the common stock by any method permitted by law, including sales deemed to be an "at the market" offering as defined in Rule 415 of the Securities Act, including without limitation sales made directly on The NASDAQ Capital Market, on any other existing trading market for the common stock or to or through a market maker. MLV may also sell the common stock in privately negotiated transactions, subject to the Company's prior approval. The Company will pay MLV a commission equal to 2% of the gross proceeds from the sale of shares of the Company's common stock.
The Agreement will terminate on the earliest of (1) the sale of all of the common stock subject to the Agreement, or (2) termination of the Agreement by the Company or MLV. MLV may terminate the sales agreement at any time in certain circumstances, including the occurrence of a material adverse change that, in MLV's reasonable judgment, may impair its ability to sell the common stock, the Company's failure to satisfy any condition under of the Agreement or a suspension or limitation of trading of the Company's common stock on NASDAQ. The Company may terminate the Agreement at any time upon 30 days prior notice while MLV may terminate the Agreement at any time upon 90 days prior notice.
The summary of the terms of the Agreement is qualified in its entirety by the text of the Agreement, a copy of which is attached to this Form 8-K as Exhibit 10.25.
