Replies to post #287164 on Avid Bioservices Inc (CDMO)

[keep_trying]

Hornet Driver,

To clear up calendar count misunderstandings, attached below is the relevant excerpt from the PPHM 8k that reports the NASDAQ delisting warning. It mentions the date for the ongoing 180 day extension as being from October 10, 2016. By calendar counting, the extension appears to time out around April 8, a Saturday (my quick count should be confirmed for correctness). The ten business days with a close above a buck would then need to start by March 27, if reverse split "brinksmanship" is involved.

It is noteworthy that PPHM has a quarterly earnings report and investor update due in mid-March that would provide a good news opportunity to move the pps above a buck if PPHM has the goods to support that. A segment I put in bold in the 8k also indicates that the company may submit a letter of petition for additional time from NASDAQ staff before delisting, but approval of same may not be granted. Regardless, the 180 schedule currently in play is not necessarily the last word for schedule but PPHM has indicated their intention to implement measures to meet the NASDAQ minimum listing requirements.

Another reference is that PPHM had a close at $1.07 on February 25, 2016, after which news about the Phase 3 Bavi trial being halted precipitated the pps drop below a buck. Thus, most of the period below a $1 pps for 30 trading days occurred in March 2016, leading into the April 12 2016 NASDAQ letter notice.

Considering the April 12, 2016 8k release, your point that the first six months grace period goes by unannounced isn't supported. Also, PPHM is currently in their first 180 day extension of the original notice that the share price needs to be brought above a buck with 180 days. Your one year below a buck status comment could prove correct come April 2017 if PPHM trading doesn't rebound above a buck before then. While NASDAQ staff may accept a PPHM request for more time, PPHM is cautioned that there is no guarantees of another extension and PPHM has done the set up work for a prospective Reverse Split, per NASDAQ protocol.

Good luck with your PPHM investment.

Best wishes and IMO.
KT

April 12, 2016 PPHM 8k excerpt:

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 staff of the Listing Qualifications Department (the “Staff”) of The NASDAQ Stock Market LLC (“NASDAQ”) on April 12, 2016 providing notification that, for the previous 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued listing on The NASDAQ Capital Market under NASDAQ’s Listing Rule 5550(a)(2), requiring a minimum bid price of $1.00 per share (the “Minimum Bid Price Requirement”).

The notification of noncompliance has no immediate effect on the listing or trading of the Company’s common stock on The NASDAQ Capital Market. In accordance with NASDAQ Listing Rule 5810(c)(3)(A), if during the 180 calendar days following the date of the notification, or prior to October 10, 2016, the closing bid price of the Company’s common stock is at or above $1.00 for a minimum of 10 consecutive business days, but generally no more than 20 consecutive business days, the Staff will provide the Company with written confirmation of compliance.

If the Company does not achieve compliance with the Minimum Bid Price Requirement by October 10, 2016, the Company may be eligible for an additional 180 calendar days compliance period if the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The NASDAQ Capital Market, with the exception of the Minimum Bid Price Requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, the Staff would notify the Company that its securities would be subject to delisting. In the event of such notification, the Company may appeal the Staff’s determination to delist its securities, but there can be no assurance the Staff would grant the Company’s request for continued listing.

The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider implementing available options to regain compliance with the Minimum Bid Price Requirement under the NASDAQ Listing Rules.