I-94 expired & extension is filed. Can transfer be filed?

[Likhi]

My H-1b Visa and I-94 expired on Sep 30th 2016 and my current company has filed for an extension before they expired. I received a job offer and would like to know if the new company can initiate a H-1B transfer while my extension with current company is in progress. I could see a lot of topics in the forum that extension and transfer can be filed simultaneously, but those were the cases with a valid I-94. In my case, both the Visa & I-94 expired and extension is in progress.

Please suggest if it is ok for my new employer to initiate a transfer or Il have to get my extension approved in premium mode first with my current employer and only then initiate a transfer with my new employer.

[pontevecchio]

Have the new employer file with PP and leave and return with the visa to join them to avoid problems with the "bridge of continuity".