CHICAGO, Oct. 30, 2017 /PRNewswire/ -- Ronin Trading, LLC
and SW Investment Management LLC (together with the other
participants in their solicitation, "Ronin" or "we"), collectively
the largest stockholder of Peregrine Pharmaceuticals, Inc.
("Peregrine" or the "Company") (NASDAQ:PPHM), with aggregate
beneficial ownership of approximately 9.6% of the Company's
outstanding shares of common stock, today issued an initial
investor presentation explaining its continued concerns with the
composition of the Company's Board of Directors (the "Board").
In the presentation, Ronin explained its belief that, given the
Company's abysmal performance under the leadership of long-standing
incumbent directors Carlton M. Johnson
Jr., Steven W. King,
David H. Pohl and Eric S. Swartz, a complete overhaul of the
boardroom is warranted. Specifically, Ronin does not believe there
is a justifiable reason for the long-standing incumbents' continued
service as directors and is convinced that the Board must be
reconstituted with independent directors with relevant industry
experience who were not hand-picked by the incumbents.
Ronin has nominated a slate of six highly qualified and
independent director candidates – James J.
Egan, Richard B. Hancock,
Joel McComb, Gregory P. Sargen, Brian
W. Scanlan and Saiid
Zarrabian – and once again calls on the Board to call the
2017 annual meeting of stockholders immediately to enable the
Company's stockholders to elect representatives of their
choice.
Ronin's presentation is available on the SEC's website and can
be viewed by clicking the following link:
https://tinyurl.com/PPHM-presentation1.
CERTAIN INFORMATION CONCERNING THE
PARTICIPANTS
Ronin Trading, LLC, together with the other participants named
herein (collectively, "Ronin"), has filed a preliminary proxy
statement and an accompanying proxy card with the Securities and
Exchange Commission ("SEC") to be used to solicit votes for the
election of its slate of six highly qualified director nominees at
the 2017 annual meeting of stockholders Peregrine Pharmaceuticals,
Inc., a Delaware corporation (the
"Company").
RONIN STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ
THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH
PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB
SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS
PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT
WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST.
The participants in the solicitation are Ronin Trading, LLC
("Ronin Trading"), John S. Stafford,
III, SWIM Partners LP ("SWIM Partners"), SW Investment
Management LLC ("SW Management"), Stephen
White, Roger Farley,
James J. Egan, Richard B. Hancock, Joel
McComb, Gregory P. Sargen,
Brian W. Scanlan and Saiid Zarrabian.
As of the date hereof, Ronin Trading directly beneficially owned
3,310,652 shares of the Company's common stock, $0.001 par value per share ("Common Stock"),
including 137,260 shares of Common Stock that may be acquired upon
the conversion of 115,299 shares of the Company's 10.50% Series E
Convertible Preferred Stock, $0.001
par value per share ("Series E Preferred Stock"). Mr. Stafford, as
the Manager of Ronin Trading, may be deemed to beneficially own the
3,310,652 shares of Common Stock beneficially owned directly by
Ronin Trading. As of the date hereof, SWIM Partners directly
beneficially owned 510,333 shares of Common Stock, including 10,333
shares of Common Stock that may be acquired upon the conversion of
8,680 shares of Series E Preferred Stock. As of the date hereof, an
account separately managed by SW Management (the "SW Account") held
203,714 shares of Common Stock, including 3,714 shares of Common
Stock that may be acquired upon the conversion of 3,120 shares of
Series E Preferred Stock. SW Management, as the general partner and
investment adviser of SWIM Partners and the investment adviser of
the SW Account, may be deemed to beneficially own the 714,047
shares of Common Stock beneficially owned in the aggregate by SWIM
Partners and held in the SW Account. Mr. White, as the Manager of
SW Management, may be deemed to beneficially own the 714,047 shares
of Common Stock beneficially owned in the aggregate by SWIM
Partners and held in the SW Account. As of the date hereof, Mr.
Farley directly beneficially owned 301,190 shares of Common Stock,
including 1,190 shares of Common Stock that may be acquired upon
the conversion of 1,000 shares of Series E Preferred Stock. As of
the date hereof, Messrs. Egan, Hancock, McComb, Sargen, Scanlan and
Zarrabian did not beneficially own any securities of the
Company.
Investor Contact:
Stephen White
SW Investment Management LLC
(312) 765-7033
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SOURCE Ronin Trading, LLC and SW Investment Management LLC