UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-A
For
Registration Of Certain Classes Of Securities
Pursuant
To Section 12 (b) Or 12 (g) Of The
Securities
Exchange Act of 1934
PEREGRINE
PHARMACEUTICALS, INC.
(Exact
name of
Registrant as specified in its charter)
Delaware
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95-3698422
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(State
of incorporation or organization
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(IRS
Employer I.D. No.)
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14272
Franklin Avenue, Tustin, California
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92780
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(Address
of principal Executive Offices)
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(Zip
Code)
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Securities
to be registered pursuant to Section 12(b) of the Act:
Title
of each class
to
be so registered
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Name
of each exchange on which
each
class is to be registered
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None
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None
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If
this
form relates to the registration of a class of securities pursuant to
Section 12(b) of the Exchange Act and is effective pursuant to General
Instruction A.(c), check the following box.
o
If
this
form relates to the registration of a class of securities pursuant to
Section 12(g) of the Exchange Act and is effective pursuant to General
Instruction A.(d), check the following box.
ý
Securities
Act registration statement file number to which this form
relates: (if
applicable)
Securities
to be registered pursuant to Section 12(g) of the Act:
Preferred
Stock Purchase Rights
Item
1.
Description
of Registrant’s Securities to be Registered.
Effective
as of March 16, 2006, the Board of Directors of Peregrine Pharmaceuticals,
Inc.
(the “Company”) adopted a Rights Agreement (the “Rights Agreement”) and
authorized and declared a dividend of one Right (as hereinafter defined) for
each outstanding share of common stock, $.001 par value per share of the Company
(the “Common Shares”). The dividend is payable on March 27, 2006 to the
shareholders of record on that date (the “Record Date”), and with respect to
Common Shares issued thereafter until the Distribution Date (as hereinafter
defined) or the expiration or earlier redemption or exchange of the Rights.
The
following summary of the principal terms of the Rights Agreement is a general
description only and is subject to the detailed terms and conditions of the
Rights Agreement. A copy of the Rights Agreement is attached hereto as
Exhibit 4.19
and is
incorporated herein by reference.
Except
as
set forth below, each Right entitles the registered holder to purchase from
the
Company, at any time after the Distribution Date one-one thousandth (1/1000th)
of a share of the Company’s Series D Participating Preferred Stock (a “Right”)
at a price per share of $11.00, subject to adjustment (the “Purchase Price”).
The description and terms of the Rights are as set forth in the Rights
Agreement.
Initially
the Rights will be attached to all certificates representing Common Shares
then
outstanding, and no separate Right Certificates will be distributed. The Rights
will separate from the Common Shares upon the earliest to occur of (i) 10 days
after the public announcement of a person or group of affiliated or associated
persons having acquired beneficial ownership of 15% of more of the outstanding
Common Shares (such person or group being hereinafter referred to as an
“Acquiring Person”); or (ii) 10 business days (or such later date as the Board
may determine) following the commencement of, or announcement of an intention
to
make, a tender offer or exchange offer the consummation of which would result
in
a person or group becoming an Acquiring Person (the earlier of such dates being
called the “Distribution Date”).
The
Rights Agreement provides that, until the Distribution Date, the Rights will
be
transferred with, and only with, the Common Shares. Until the Distribution
Date
(or earlier redemption or expiration of the Rights) new Common Share
certificates issued after the Record Date upon transfer or new issuance of
Common Shares will contain a notation incorporating the Rights Agreement by
reference. Until the Distribution Date (or earlier redemption or expiration
of
the Rights), the surrender for transfer of any certificates for Common Shares
outstanding as of the Record Date, even without such notation or a copy of
this
Summary of Rights being attached thereto, will also constitute the transfer
of
the Rights associated with the Common Shares represented by such certificate.
As
soon as practicable following the Distribution Date, separate certificates
evidencing the Rights (“Right Certificates”) will be mailed to holders of record
of the Common Shares as of the close of business on the Distribution Date (and
to each initial record holder of certain Common Shares issued after the
Distribution Date), and such separate Right Certificates alone will evidence
the
Rights.
The
Rights are not exercisable until the Distribution Date. The Rights will expire
at the close of business on March 16, 2016 (the “Final Expiration Date”), unless
the Final Expiration Date is extended or unless the Rights are earlier redeemed
or exchanged by the Company, in each case, as described below.
In
the
event that any person becomes an Acquiring Person, each holder of a Right will
thereafter have the right (the “Flip-In Right”) to acquire a Common Share for a
purchase price equal to 50% of the then current market price. Notwithstanding
the foregoing, all Rights that are, or were, beneficially owned by any Acquiring
Person or any affiliate or associate thereof will be null and void and not
exercisable.
In
the
event that, at any time following the Distribution Date, (i) the Company is
acquired in a merger or other business combination transaction in which the
holders of all of the outstanding Common Shares immediately prior to the
consummation of the transaction are not the holders of all of the surviving
corporation’s voting power, or (ii) more than 50% of the Company’s assets or
earning power is sold or transferred, then each holder of a Right (except Rights
which have previously been voided as set forth above) shall thereafter have
the
right (the “Flip-Over Right”) to receive, upon exercise and payment of the
Purchase Price, common shares of the acquiring company having a value equal
to
two times the Purchase Price. If a transaction would otherwise result in a
holder’s having a Flip-In as well as a Flip-Over Right, then only the Flip-Over
Right will be exercisable; if a transaction results in a holder having a
Flip-Over Right subsequent to a transaction resulting in a holder having a
Flip-In Right, a holder will have Flip-Over Rights only to the extent such
holder’s Flip-In Rights have not been exercised.
The
Purchase Price payable, and the number of Common Shares or other securities
or
property issuable, upon exercise of Rights are subject to adjustment from time
to time to prevent dilution (i) in the event of a stock dividend on, or a
subdivision, combination or reclassification of Common Shares, (ii) upon the
grant to holders of Common Shares of certain rights or warrants to subscribe
for
or purchase Common Shares at a price, or securities convertible into Common
Shares with a conversion price, less than the then current market price of
Common Shares, or (iii) upon the distribution to holders of Common Shares of
evidences of indebtedness or assets (excluding regular periodic cash dividends
paid out of earnings or retained earnings or dividends payable in Common Shares)
or of subscription rights or warrants (other than those referred to above).
However, no adjustment in the Purchase Price will be required until cumulative
adjustments require an adjustment of at least 1%.
No
fractional Common Shares will be issued and in lieu thereof, an adjustment
in
cash will be made based on the market price of Common Shares on the last trading
day prior to the date of exercise.
At
any
time prior to the time a person becomes an Acquiring Person, the board of
Directors of the Company may redeem the Rights in whole, but not in part, at
a
price of $.001 per Right, appropriately adjusted to reflect any stock split,
stock dividend or similar transaction (the “Redemption Price”). The redemption
of the Rights may be made effective at such time on such basis and with such
conditions as the Board of Directors in its sole discretion may establish.
Immediately upon any redemption of the Rights, the right to exercise the Rights
will terminate and the only right of the holders of Rights will be to receive
the Redemption Price.
At
any
time after any person becomes an Acquiring Person and prior to the acquisition
by such person or group of Common Shares representing 50% or more of the then
outstanding Common Shares, the Board of Directors of the Company may exchange
the Rights (other than Rights which have become null and void), in whole or
in
part, at an exchange ratio of one Common Share per Right (subject to
adjustment).
All
of
the provisions of the Rights Agreement may be amended prior to the Distribution
Date by the Board of Directors of the Company for any reason it deems
appropriate. After the Distribution Date, the provisions of the Rights Agreement
may be amended by the Board in order to cure any ambiguity, defect or
inconsistency, to make changes which do not adversely affect the interests
of
holders of Rights (excluding the interests of any Acquiring Person), or, subject
to certain limitations, to shorten or lengthen any time period under the Rights
Agreement.
Until
a
Right is exercised, the holder thereof, as such, will have no rights as a
shareholder of the Company, including, without limitation, the right to vote
or
to receive dividends. While the distribution of the Rights will not be taxable
to shareholders of the Company, shareholders may, depending upon the
circumstances, recognize taxable income should the Rights become exercisable
or
upon the occurrence of certain events thereafter.
The
form
of Rights Agreement between the Company and Integrity Stock Transfer, Inc.
(as
Rights Agent) specifying the terms of the rights, which includes as Exhibit
A
the form of Certificate of Designation of Series D Participating Preferred
Stock, as Exhibit B the form of Right Certificate, and as Exhibit C a Summary
of
Rights, is attached as
Exhibit
4.19
to the
Company’s Current Report on Form 8-K which was filed with the Securities and
Exchange Commission on March 17, 2006, and is incorporated herein by reference.
The foregoing description of the Rights is qualified by reference to such
exhibits.
Item
2. Exhibits.
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3.7
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Certificate
of Designation of Rights, Preferences and Privileges of Series D
Participating Preferred Stock of the Registrant, as filed with the
Secretary of State of the State of Delaware on March 16,
2006.(1)
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4.19
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Preferred
Stock Rights Agreement, dated as of March 16, 2006, between the Company
and Integrity Stock Transfer, Inc., including the Certificate of
Designation, the form of Rights Certificate and the Summary of Rights
attached thereto as Exhibits A, B and C,
respectively.(2)
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__________________
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(1)
Incorporated herein by reference to Exhibit 3.7 to the Registrant’s
Current Report on Form 8-K, filed with the Commission on March 17,
2006.
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(2)
Incorporated herein by reference to Exhibit 4.19 to the Registrant’s
Current Report on Form 8-K, filed with the Commission on March 17,
2006.
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SIGNATURE
Pursuant
to the requirements of Section 12 of the Securities Exchange Act of 1934,
the registrant has duly caused this registration statement to be signed on
its
behalf by the undersigned, thereto duly authorized.
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PEREGRINE
PHARMACEUTICALS, INC.
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Dated:
March 17, 2006
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/s/ Paul
J.
Lytle
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Paul
J.
Lytle
Chief Financial
Officer
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