Replies to post #298219 on Avid Bioservices Inc (CDMO)

[JJ1223]

Assuming PPHM requested a hearing in Mid April, 45 days would be ~end May. How long from the hearing date to the NASDAQ decision date?
Not sure about that...

cjgaddy  
Monday, 05/29/17 09:00:28 AM
Re: cjgaddy post# 290976

Post # of 298219 


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.

A. DETERMINATION LETTER (company does not meet the stds. for continued listing).
...Peregrine recv’d this 4-11-17, per subsequent Form 8-K: https://www.sec.gov/Archives/edgar/data/704562/000168316817000902/peregrine_8k.htm

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

[ststephensrevenge]

Achieving "Double Secret Probation" status with NASDAQ will likely warrant stock option grants for all management accompanied with accolades via their fan club.

The question then becomes, what productive endeavors result from the temporary stay of execution?

The current game plan is failing miserably. Another half year has gone down the drain...no real trial progress and no jack to run them.