Replies to post #269717 on Avid Bioservices Inc (CDMO)

[biopharm]

exwannabe, thanks for the post and this helps show how important it is that ( on the worst case scenario..) a RS that does not also 1) split the current shelf and 2) all preferred shares that were purchased as some were told they could convert at 8.33 for each preferred held, and 3) any/all stock option awards would have to be reduced as well -- would all contribute to remove strength from current, common shareholders and would leave a loophole of power to some party/Big Pharma..etc to strike a deal after that RS would take place.

Ex, you may have missed a prior post of mine, which gives an example of what I think we are exactly looking for Peregrine Pharmaceuticals management to accomplish, IF and that is a big IF, they ever attempted a RS again.

1) ATM splits ..
2) Preferred shares split..
3) stock options or warrants outstanding are all split as well..

** I also mentioned that Peregrine may have something under the radar that warrants are issued to UT System Board of Regents that have not been disclosed and if so anything like this, must be split as well. There must be some clause in a registered letter to Peregrine/SEC/Nasdaq that covers any and all of the above tucked away in some SEC approved CTO = Confidential Treatment Order between some party such as Texas Board of Regents

--------------------------------

Dynavax Announces One-for-Ten Reverse Stock Split

BERKELEY, CA -- (Marketwired) -- 11/07/14 -- Dynavax Technologies Corporation (NASDAQ: DVAX) today announced that it had completed a one-for-ten reverse split of its common stock, effective as of 5:00 pm Eastern Time today. Beginning with the opening of trading on November 10, 2014 the Company's common stock will trade on the NASDAQ Capital Market on a split-adjusted basis.

As previously disclosed, Dynavax's stockholders approved a series of alternate amendments authorizing a reverse stock split at the Annual Meeting of Stockholders held on May 28, 2014. The specific one-for-ten ratio was subsequently approved by the Company's Board of Directors and the reverse split was effected by the filing in Delaware of a Certificate of Amendment to the Company's Amended and Restated Certificate of Incorporation.

Every ten shares of the Dynavax's issued and outstanding common stock were automatically converted into one issued and outstanding share of common stock, with no change in par value per share. The reverse stock split affects all shares of the Company's common stock outstanding, as well as the number of shares of common stock available for issuance under the Company's equity incentive plans. In addition, the reverse stock split reduces the number of shares of common stock issuable upon the conversion of shares of preferred stock or upon the exercise of stock options or warrants outstanding. As a result, each stockholder's percentage ownership interest and proportional voting power remains unchanged and the rights and privileges of the holders of the Company's common stock are unaffected. Stockholders are not required to take any action.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=124298043

[Protector]

exwannabe, that is what I meant when I wrote that the shelf is a name I use but that there was an official name. Indeed authorised shares that was what I was searching for. Thanks.

[swg_tdr]

CP DRAFT 4U but our legal beagles should draft the letter

best,
N


To
King
Registered Letter to Peregrine Legal Dept, Attn all other Board Members
cc SEC
cc Our designated PPHM member of this board

Gentlemen, RE Legal Notice Cautioning On Further Dilution of Voting Power

This is to put you on notice that in any contemplated reverse stock split by Peregrine Pharmaceuticals, I fully expect that any and all shares of the Company's common stock outstanding, as well as the number of shares of common stock available (1) for issuance under any existing or future shelf, and (2) under any equity incentive plans shall be reduced equally in proportion. In addition, the reverse stock split shall reduce the number of shares of common stock issuable upon the conversion of shares of preferred stock or upon the exercise of stock options or warrants outstanding.

As a result, each stockholder's percentage ownership interest and proportional voting powers shall remain unchanged and the rights and privileges of the holders of the Company's common stock shall stay unaffected.

Sincerely,

PS As to the previous five to one (5:1) stock split, that contrary to my reasonable expectation following the proxy soliicitation, did not adjust the outstanding issuable shares, we have seen pre-reverse-split shareholders' value and voting power reduced and steadily eroded, by the firm's continuing massive issuance of old non-split shelf shares at every decreasing price and by a continuing indulgence in grossly inflated salaries and options to a non-contributing board and others.