Avid Bioservices Inc (CDMO)

[Frustrated]

This makes me more suspicious in the way Big Pharma works in how they try to place BOD in place "for exchange of monies" to any small biotech they may want to take over in the future and take over and make an offer for much less than what shareholders deserve

You do realize that is how the beloved ES snaked his way onto the board in the first place. I guess he knows all the tricks.

In June 1998
Techniclone arranged equity line financing of $20 million with Bahamas-based Tail Wind Fund Ltd. and
Resonance Ltd. of the Isle of Man through Swartz Private Equity llc of Roswell, Ga., and its associated
company, Swartz Investments llc. A second equity line of $35 million was arranged in November 1999 with the
same companies.


The resignations and new appointments duly followed, and on Nov. 19 Techniclone signed on for its new
equity line with Swartz Private Equity. Techniclone's SEC filings indicate that Swartz was able to gain two seats

on the Techniclone board even though no Swartz-related entities held as much as 5% of the company's stock.

Off shore accounts and penny stock BOD doesn't bring much credibility to the street.