Avid Bioservices Inc (CDMO)

[EYEBUYSTOX]

On October 30, 2009 a small company from Sunnyvale, CA with roughly 50 million shares outstanding issued a preliminary proxy recommending a 1 for 3 reverse stock split proposal to be enacted anytime in the coming 12 months without further approval.

The stock closed that day at $1.95.

3.
the authorization of the Company’s Board of Directors (the “Board”), at its discretion in the next 12 months, to amend the Company’s Amended and Restated Certificate of Incorporation, as amended (the “Certificate of Incorporation”), to effect a reverse stock split of the Company’s issued and outstanding shares of Common Stock, by a ratio of up to 1-for-3, without further approval or authorization of the Company’s stockholders;

https://www.sec.gov/Archives/edgar/data/949699/000092189509002666/pre14a07380_12182009.htm

By the time of the annual meeting on December 19, 2009 the stock was trading at $2.90.

Two months later on February 19, 2010 the stock was trading at $5.86.

I don't believe they ever used the reverse stock split proposal. That company eventually partnered with Janssen and is known as Pharmacyclics.

Today the closing price will be around $125.00.

So, some 1 for 3 reverse split proposal in the proxy will mean nothing IMO. Not bashing at all.