Avid Bioservices Inc (CDMO)

[spankyvol]

Looks like PPHM has a way out with UU...

Pursuant to the terms of the Agreement, the Registrant has agreed not to (i) file another shelf registration statement pursuant to Rule 415 of the Securities Act of 1933, as amended, for a period of one hundred eighty days following the Effective Date, nor (ii) without the prior written consent of the Investor, prior to January 2, 2007, enter into any subsequent or further offer or sale of securities (including common stock issued for services provided to the Company, but excluding common stock issued in strategic licensing transactions where the Company is either in-licensing new technologies or out-licensing of technologies) at a price or possible price below $2.50 per share. In addition, subject to certain terms, and pursuant to the Agreement, the Registrant has granted to the Investor a right of first refusal to purchase any new securities that the Registrant may propose to issue prior to January 2, 2007.

All of the foregoing restrictions shall terminate sooner in the event that the closing price of the Registrant's common stock shall equal or exceed $2.50 for a period of fifteen (15) consecutive trading days at any time commencing thirty (30) business days following June 16, 2006.