UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 7, 2017
PEREGRINE
PHARMACEUTICALS, INC.
(Exact name of registrant as specified in
its charter)
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Delaware
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001-32839
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95-3698422
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(State of other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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14282 Franklin Avenue, Tustin, California 92780
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(Address of Principal Executive Offices)
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Registrant’s telephone number, including area code:
(714) 508-6000
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Not Applicable
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(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2 below):
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act.
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ITEM 5.03
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Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
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Peregrine
Pharmaceuticals, Inc. (the “Company”) has filed a Certificate of Amendment of Certificate of
Incorporation (“Certificate of Incorporation”) with the Secretary of State of the State of Delaware to effect a
1-for-7 reverse stock split of the Company’s issued and outstanding shares of common stock effective as of 5:00 p.m.
Eastern Time on July 7, 2017. Accordingly, each shareholder of the Company’s common stock will receive one (1) new
share of common stock for every seven (7) shares of common stock held immediately prior to the effective time of the reverse
stock split. No fractional shares will be issued, and no cash or other consideration will be paid as a result of the reverse
stock split. Instead, the Company will issue one (1) 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 stock split affects
all of the Company’s issued and outstanding shares of common stock. In addition, the reverse stock split will affect
shares of common stock underlying the Company’s stock options and warrants, as well as the conversion price of its
10.50% 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 the
Company’s common stock and shares of common stock underlying its 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.
As a result of the
reverse stock split, the number of issued and outstanding shares of the Company’s common stock will be adjusted from approximately
315 million to approximately 45 million shares. The number of authorized shares of the Company’s common stock under the Certificate
of Incorporation remains the same.
The Company’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 new CUSIP number for the Company’s common stock will change to 713661502 as of July 10, 2017.
The Certificate of
Incorporation is attached hereto as Exhibit 3.1 and is incorporated by reference herein.
On July 7, 2017, the
Company announced the reverse stock split as described above in Item 5.03. A copy of the press release is attached hereto as Exhibit
99.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits. The following material
is filed as an exhibit to this Current Report on Form 8-K:
Exhibit
Number
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3.1
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Certificate of Amendment to Certificate of Incorporation of
Peregrine Pharmaceuticals, Inc., as filed with the Secretary of State of the State of Delaware.
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99.1
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Press Release issued July 7, 2017.
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SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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PEREGRINE PHARMACEUTICALS, INC.
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Date: July 7, 2017
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By:
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/s/ Paul J. Lytle
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Paul J. Lytle
Chief Financial Officer
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EXHIBIT INDEX
Exhibit
Number
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Description
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3.1
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Certificate of Amendment to Certificate
of Incorporation of Peregrine Pharmaceuticals, Inc., as filed with the Secretary of State of the State of Delaware.
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99.1
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Press Release issued July 7, 2017.
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Exhibit 3.1
CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF INCORPORATION
OF
PEREGRINE PHARMACEUTICALS, INC.,
A DELAWARE CORPORATION
PEREGRINE PHARMACEUTICALS,
INC., a Delaware corporation organized and existing under and by virtue of the Delaware General Corporation Law (hereinafter referred
to as the “Corporation”), hereby certifies as follows:
1. That at a meeting
of the Board of Directors of the Corporation resolutions were duly adopted setting forth a proposed amendment of the Certificate
of Incorporation of the Corporation, declaring said amendment to be advisable and directing said amendment to be submitted to the
stockholders of the Corporation at an annual meeting. The resolutions setting forth the proposed amendment is as follows:
“RESOLVED, that
ARTICLE 4 of the Certificate of Incorporation be amended by adding the following paragraph at the end thereof:
“Effective as of 5:00
p.m., Eastern time, on July 7, 2017 (the “Effective Time”), every seven (7) outstanding shares of Common Stock, par
value $0.001, of the Corporation issued and outstanding or held in the treasury of the Corporation will automatically be combined,
reclassified and changed into one (1) fully paid and non-assessable share of Common Stock, par value $0.001, without any further
action by the holders of such shares; provided, however, that if such reclassification results in any stockholder being entitled
to fractional shares that when aggregated equal less than a whole share of Common Stock such fractional shares shall be reclassified
and converted from and after the Effective Time into one whole share of Common Stock in lieu of such fractional shares. No other
exchange, reclassification or cancellation of issued shares shall be effected by this amendment.”
2. That thereafter,
pursuant to resolution of the Board of Directors, an Annual Meeting of the stockholders of the Corporation was duly called and
held, upon notice in accordance with Section 222 of the Delaware General Corporation Law, at which Annual Meeting the necessary
number of shares as required by statute were voted in favor of the amendment.
3. That said amendment
was duly adopted in accordance with the provisions of Section 242 of the Delaware General Corporation Law of the State of Delaware.
IN WITNESS WHEREOF,
the Corporation has caused this Certificate of Amendment to be executed by Steven W. King, its President & CEO, this 5th day
of July, 2017.
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PEREGRINE PHARMACEUTICALS,
INC.,
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a Delaware corporation
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By:
/s/Steven W. King
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Steven W. King, President
& CEO
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Exhibit 99.1
Contacts:
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Stephanie Diaz (Investors)
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Tim Brons (Media)
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Vida Strategic Partners
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Vida Strategic Partners
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415-675-7401
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415-675-7402
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sdiaz@vidasp.com
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tbrons@vidasp.com
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PEREGRINE PHARMACEUTICALS ANNOUNCES REVERSE
STOCK SPLIT
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Common Stock to Trade on Split-Adjusted
Basis Beginning at Opening of Market on July 10, 2017; Intended to Enable Continued Listing on the NASDAQ Capital Market
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TUSTIN, Calif., July 7, 2017
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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
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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.