Avid Bioservices Inc (CDMO)

[Krakonos]

biopharm I am scratching my head on this one.

1) Lets say we sign a deal with the very top collaborator that holds the most promise and they buy into Peregrine, lets say a stake like 100k preferred shares = about 2.5 Million shares just using 8x as the multiplier.

It's my understanding that for every preferred share at the convertible time one will receive a total of 8.33 common shares.

Therefore, for 100 preferred shares it will be 833 common shares, right?
For 100,000 preferred it should work out to 833,000 common shares.

Beats me how did you arrived at 2.5 Million shares.