Avid Bioservices Inc (CDMO)

[Protector]

tradero, which makes me think about a possible 3rd option we haven't envisaged.

Bearing in mind in the past there were historically / statistically around 100 million broker non votes (more than 40% of total shares)... would this Proposal have any chance UNLESS they already had the votes they need?

For now we have been operating under the assumption that PPHM wants #3 to pass. Given the sentence above and knowing PPHM wrote in the brochure that they do NOT expect many broker non-votes (which with 100 Mil of them last year is a REMARKABLE statement), PPHM must indeed have the votes or it will not pass.

Suppose they DON'T have the votes and have NO INTENTION to get them but only want #3 to fail (with the idea they don't really need that extra shelf) but counting on the fact that not passing #3 may be a positive thing for the PPS. If #3 doesn't pass then the market knows that CURRENT shareholders will not allow further share increase and that a limit has been put on the ATM because PPHM cannot issue BEHIND the shelf reserves.

Personally I don't believe in the above, I am just illustrating that in assuming things about WHY PPHM needs this shelf increase we might want to hear it from them first on next Quarterly/CC. Maybe one of the analysts has the guts to ask a question that is a little 'less easy'.