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LOL, yes I like the way we are moving. But a year age we were near $19. The fact is that the top management has not yet fully excited their plan leaving us vulnerable to a low ball takeover. If they had we would have we would be enjoying $100mil in revenue per quarter and be at $28-30. I had confidence In Avid but I really don't know now.
It's like during the two+ years they were building out manufacturing their commercial team did nothing. When the new capacity came on line they are at conferences with a booth building the brand????? really. I just retired from a 40 year career in sales and sales management. I guess the old saying is so true.
A manufacturing organization can't sell and a sales organization can't manufacture,
Why is a CEO given RSU's or options for performance that resulted in a $17 million loss? Come on BOD! Reward for performance not because someone warms a seat in the corner office.
When I was working I wish I was given equity in my company I could sell to cover my tax obligations for not preforming.
Ok, I'm done. Just frustrated.
Just to set the record straight. Steve Cohen was never indicted or pleaded guilty of insider trading. He was never looking at jail time.
When the Feds Went After the Hedge-Fund Legend Steven A. Cohen
Inside the government’s nearly ten-year battle against one of the most powerful men on Wall Street.
https://www.newyorker.com/magazine/2017/01/16/when-the-feds-went-after-the-hedge-fund-legend-steven-a-cohen
"They decided to indict S.A.C. Capital, and not Cohen himself."
P72 isn’t a buy and hold operation
Well that was a complete waist of time
Mr Hart had a bit of lumpiness last quarter
Nick's demeanor and who will be on the CC this afternoon will be very interesting. There's only one more day in FY24. Nick has a good idea how Q4 when and how FY25 is setting up. Wonder if Hart will be present?
Now we know where the increase in short interest has come from. P72 is pure arbitrage nothing else IMO. Hold on for a roller coaster ride.
I'm wondering if we get a PR before the market opens Monday with some good news on the sales front or some other positive development?
Then then the CC after market close can focus this instead of the failure of our Financial and Legal Departments.
I am hoping at least someone accepts responsibility at minimum.
Would show some creditability from the C-suite.
Putting this behind us should be positive but not the market tanks. Can't get a break.
The adjustments were immaterial.
Still had a lousy quarter.
Now paying 7% on borrowed money
No one took responsibility for the mistake
No one received consequences for the mistake
Corporate Life in the C-Suite. How sweet it is!
Looks like the three 10Q/A's all have the same conclusion of the adjustments, "immaterial" is the word used
I have met Stephanie several times an actually she is a very nice person. I talk to her for a long time at the last "in person" ASM when I was the only shareholder who attended. So she remembers me. Since then she has always responded to my emails. You just can't over do it or ask her questions that would evolve non public information.
We should see something by the end of the year or they fill the the backlog to capacity. Which ever comes first.
I personally think we don’t hear a thing until they have some good news on the sales front. So it softens the blow of the incompetence that happened. They can say look at what we did. Everything is good no personal changes needed
Personally I don't think Nick should go. Nick built this thing, he should see it through. I agree with the article "These are things that one just expects to be done, especially when there is a CFO, internal legal, external legal, and the bankers who structured and sold the bond all involved."
Hart and Ziebell should go and new outside law firm and banker should be hired.
This is about the best explanation of what happened and going forward I have read so far.
Read all information on Avid. All the way down.
https://seekingalpha.com/article/4684511-laughing-water-capital-q1-2024-letter
Interesting comments on HALO possibly moving more business to Avid
The fact we are down 65% from one year ago, kind of ruins any talk of an up trend.
Positive trend? Please do explain? lol
Management was informed of the problem Feb 29th. 5 weeks and 1 day ago. Imagine if Avid had a contract to manufacture a drug for a company. Someone during manufacturing process did not follow the exact procedure causing production upset. Does anyone think that 5 weeks later the customer would still be waiting to here why this happened, who was responsible and making sure the responsible party was shown the door so this would never happen again?
Doesn't anyone else think that this stalling hurt credibility with future customers???
The accounting is cut and dry. It's called GAAP. General Accepted Accounting Principles and they are black and white. There is nothing to resolve.
I to think they are waiting to maybe land a large piece of business they have been waiting on to soften the blow and keep all their jobs.
Hart should go and so should Ziebell, should have been monitored and caught by both if they were competent.
Yes, Lonza
Just a hunch, but I think Lonzo will buy Avid Bioservices within the next 6 months
Jeanne Thoma arrives on the BOD the $125mil convertible pops up and expansion.
26000 shares trade AH’s
About 23000 traded 5 minutes after close at the near closing price. At 35 minutes after closing 5 100 share trades walked in down to $6.40 and 1,5,20 share trades adding up to about 3000 shares since then.
So after hours drop from $6.70 to $6.30 is a non event done by someone trading mostly single shares try to make it look like something
I think either it’s a setup and is Nick involved?? For a low bid buyout or Hart and Zimbal are total idiots.
Take your pick
All in my opinion of course!!
Btw a CPA friend of mine said those reinstated financials should have taken less than a week with current accounting systems available today
Don’t remember that. King gave us just as little as Green does. We aren’t getting sh_t from Green. I’m finding myself questioning his competence at this point. He hired VP people? If you will do some research on her past you’ll find she’s dragging us down the DEI hole. It’s only a matter of time until we have a manufacturing upset because of hiring because of other reasons other than competency. IMO
16 paid internships is her baby! Our people really have the time to babysit or concentrate manufacturing runs?
I also believe that may be the direction we are headed. I only thing that can stop it is a PR saying we signed a major contract with a large Pharma company.
I think wenn Joseph Carleone CoB bought shares at a little under $10 he was putting a floor in for anyone considering. I think if it comes it will be at a 25-40% premium. Look how much our top guys get in a "change of control" situation. It on the last proxy
These attorneys are just ambulance chasers looking for their next slip and fall IMO
If you called them a said you slipped on the sidewalk in Tustin they would be your best friend
The real question is how much will our stellar manufacturing and regulatory compliance reputation be tarnished by our inept financial and legal follies?
If I was going to place a drug with Avid for development or late stage manufacturing I would want to be assured that the ineptness has been purged from the system. All the way to the top!
There you have it, from someone who flies broken planes for a living
We’ve traded around 26 million shares in the last 7 trading sessions and no 13g filed?
Over 40% of the outstanding shares?
Well some ship
We have a CFO who negotiated a convertible note and forgot what was agreed upon.
We have a Legal department that didn't read or just missed a part in a company contract
We have a commercial team that can't sell their way out of a paper bag
We have a HR head that is in Las Vegas right now on the company dime at "Transform" learning how to be a "change agent"
Plus we lost $17mil so far this year and we're still hiring 16 paid interns this summer so our people have someone to babysit until some work comes in.
So yeah the ship is righted lol
Signed Daniel Hart CFO Chief F*ckup Officer
Oh we lost $17mil so far in FY 24 and we’re still going ahead with hiring 16 paid interns for the summer?
Ms VP people is burning our money
Us retail investors are on a “need to know basis “ and I guess we don’t need to know right now.
Check out what our leaders get in a “change of control” situation
$10 is a 40% premium now lol
Don’t hold your breath
From what I have read, these arbitrage people that put together convertible deals are sharks. They make money either way. They were playing hardball when Hart and Ziebel with the approval of Nick and BOD were playing T-ball.
I think that also. This was a forced refinancing by a original note holder sick and tired of getting only 1.25%(no prospect of a convertible profit) on their money, so they found a legal(loophole) way out.
Could very well be the same note holder doing the refinancing. Could very well be that the same note holder made money shorting the stock last few months.
Now we have to deal with the dismal results over the last 3 quarters!
Can we still make decent margins with all input costs increasing and new interest costs coupled with lower demand for PD work???
Please stop saying that with only a $206mil back log we can make a profit WE CAN'T. thats over 5 quarters.
That's $41mil in rev a quarter. In FY24 first 3 Q Rev was $97mill and we have lost $17mill
At $41 mil per quarter we barely break even.
We need new business fast.!!!!
Pretty good explanation to what happened to Avid
Avid Bioservices had an oopsie https://t.co/SGTBjxOLAz
— alexandra scaggs (@alexandrascaggs) March 7, 2024