H1B Transfer 240 Day rule


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I am working for a specific employer A. Another employer B has provided me an offer and has started H1B process. USCIS has received the application 03/31. They haven't sent me a receipt number yet, I am guessing that I am not picked up for premium processing yet.

My I140 is approved and its been 8 months since approval.

My 797 and visa stamp with the employer A is till December 2019. My employer A has a habit of revoking H1Bs on the payroll last day, as per law.

My question is, if my process is picked through regular H1B process, and if the transfer is not approved in 240 days, what is my situation. Does the AC21 rule kick in and I can work indefinitely until my approval/denial?

What happens if my H1B application is denied, its not likely, but just in case?

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