Avid Bioservices Inc (CDMO)

[EYEBUYSTOX]

My thoughts on the Proxy are limited.

SUNRISE keeps trucking along, and I'm sure glad the company only sold 40k shares of the ATM between March 7 and August 22. They appear to have been using the PPHMP and like to keep around $75 million in the bank.

But the recent July 14 filing for $25 million ATM shares confuses me. It tells me they must be anticipating something that gets the share price above $3-4 since they have only used 16k of it since. It also tells me they'r'e probably going to sell millions of shares hard into the news...which is all good, but might hurt our upside after a partner announcement.

Considering the company is planning on starting more trials (breast and/or liver), the burn will continue to rise and the need for a cash infusion from a partner is critical.

I continue to watch for a PIPE or another large block of PPHMP to go off after hours as an alternative to a partner. If that happens, the horizon for a partner goes out another 3-6 months IMO.

I maintain we're at 1.65-1.67 for some reason associated with a financing. I hope it's a good one. Have a good holiday.