Avid Bioservices Inc (CDMO)

[edcpf]

Well, it's actually explained in the proxy...well, sort of. So the street names vote yes explicitly by default?

Broker non-votes occur when nominees, such as “street name” holders do not receive voting instructions from the beneficial holders at least ten days before the Annual Meeting. If that happens, the street name holder may vote those shares only on “routine” matters, such as the ratification of auditors. Street name holders cannot vote on non-routine matters unless they receive voting instructions from beneficial holders, resulting in so-called “broker non-votes.” The effect of “broker non-votes” on each of the proposals that will be considered at the Annual Meeting is described below.

We believe that Proposal No. 2 for the ratification of our independent registered public accounting firm and Proposal No. 3 to amend our certificate of incorporation are considered “routine” matters, and hence we do not expect that there will be a significant number of “broker non-votes” on such proposals.