Reg H1 B Transfer:when I 94 has expired


Iam with Company A.My Visa and I 94 is expiring by 1st week Dec.

Company A has applied for H1 Extension through regular processing and got the receipt number

Now,Can I initiate a H1 Transfer with Company B when my I 94 has expired.

I will continue working with company A until my H1 transfer with B is approved.

Is this possible?