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H1B transfer initiated, H1B extension not done

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  • H1B transfer initiated, H1B extension not done

    Hi,
    I got my H1b with company A valid from Sept2014 till 17 Mar 2017. My employer has another companyB also, so he filed a H1B transfer to his another company B instead of filing H1B extension from company A. I got the receipt number from company B, and also signed the offer letter from company B.
    So my question is,
    1. As the H1B transfer has been filed in regular processing and got the receipt on 23 Feb 2017, am i eligible to work till i get approval notice from company B?
    2. As the approval will not be coming before 17 Mar 2017,till my first H1B is valid, so will i be in legal h1b status till i get h1b approval from company B?
    3. What options will i have if i get a rejection?
    4. Can my employer still file an extension from company A?

    Please reply ASAP.

    Thanks,

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