Peregrine Pharmaceuticals Announces Reverse Stock Split
July 07 2017 - 10:25AM
Peregrine Pharmaceuticals, Inc. (Nasdaq:PPHM) (Nasdaq:PPHMP) today
announced that a previously approved 1-for-7 reverse split of its
outstanding shares of common stock will take effect at 5:00pm EDT
on Friday, July 7, 2017. Peregrine’s common stock will open
for trading on the NASDAQ Capital Market on July 10, 2017 on a
split-adjusted basis under the existing trading symbol “PPHM”.
The reverse stock split was approved by
stockholders of Peregrine at the annual meeting of stockholders
held on October 13, 2016 and is intended to increase the per share
trading price of the Company’s common stock to enable the Company
to satisfy the minimum bid price requirement for continued listing
on the NASDAQ Capital Market.
The 1-for-7 reverse stock split will
automatically convert seven current shares of Peregrine's common
stock into one new share of common stock. No fractional shares will
be issued, and no cash or other consideration will be paid.
Instead, the Company will issue one whole share of the post-split
common stock to any shareholder of record who otherwise would have
received a fractional share as a result of the reverse stock split.
The reverse split will reduce the number of shares of outstanding
common stock from approximately 315 million to approximately 45
million. It will also affect shares of common stock underlying
stock options and warrants, as well as the conversion price of our
10.5% Series E Convertible Preferred Stock, that are outstanding
immediately prior to the effective date of the reverse stock split.
The reverse stock split will not negatively affect any of the
rights that accrue to holders of Peregrine common stock and shares
of common stock underlying Peregrine’s 10.50% Series E Convertible
Preferred Stock, stock options and warrants that are outstanding
immediately prior to the effective date of the reverse stock
split.
When the reverse split takes effect,
shareholders holding shares of common stock in book-entry form or
shares through a brokerage account will have their shares
automatically adjusted to reflect the reverse stock split on the
effective date. For those shareholders holding physical stock
certificates, the Company’s transfer agent, Broadridge Corporate
Issuer Solutions, Inc., will send a letter of transmittal providing
instructions for the exchange of shares.
In connection with the reverse stock split, the
Company’s CUSIP number will change to 713661502 as of July 10,
2017.
For more information on Peregrine's reverse
stock split, refer to Reverse Stock Split FAQs
at www.peregrineinc.com.
About Peregrine Pharmaceuticals,
Inc.Peregrine Pharmaceuticals, Inc. is a biopharmaceutical
company committed to improving the lives of patients by delivering
high quality pharmaceutical products through its contract
development and manufacturing organization (CDMO) services and
through advancing and licensing its investigational immunotherapy
and related products. Peregrine's in-house CDMO services,
including cGMP manufacturing and development capabilities, are
provided through its wholly-owned subsidiary Avid Bioservices, Inc.
(www.avidbio.com), which provides development and biomanufacturing
services for both Peregrine and third-party customers. The
company is also working to evaluate its lead immunotherapy
candidate, bavituximab, in combination with immune stimulating
therapies for the treatment of various cancers, and developing its
proprietary exosome technology for the detection and monitoring of
cancer. For more information, please visit
www.peregrineinc.com.
Safe Harbor Statement:
Statements in this press release which are not purely historical,
including statements regarding Peregrine Pharmaceuticals'
intentions, hopes, beliefs, expectations, representations,
projections, plans or predictions of the future are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. The forward-looking statements involve risks
and uncertainties including, but not limited to, the risk that
following the reverse stock split the company does not regain
compliance with the NASDAQ minimum bid price requirement for
continued listing. Factors that could cause actual results to
differ materially include, but are not limited to, uncertainties
associated with completing preclinical and clinical trials for our
technologies; the early stage of product development; the
significant costs to develop our products as all of our products
are currently in development, preclinical studies or clinical
trials; obtaining additional financing to support our operations
and the development of our products; obtaining regulatory approval
for our technologies; anticipated timing of regulatory filings and
the potential success in gaining regulatory approval and complying
with governmental regulations applicable to our business. Our
business could be affected by a number of other factors, including
the risk factors listed from time to time in our reports filed with
the Securities and Exchange Commission including, but not limited
to, our annual report on Form 10-K for the fiscal year ended April
30, 2016 as well as any updates to these risk factors filed from
time to time in the company's other filings with the Securities and
Exchange Commission. The company cautions investors not to place
undue reliance on the forward-looking statements contained in this
press release. Peregrine Pharmaceuticals, Inc. disclaims any
obligation, and does not undertake to update or revise any
forward-looking statements in this press release.
Contacts:
Stephanie Diaz (Investors)
Vida Strategic Partners
415-675-7401
sdiaz@vidasp.com
Tim Brons (Media)
Vida Strategic Partners
415-675-7402
tbrons@vidasp.com
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