Avid Bioservices Inc (CDMO)

[Protector]

CFH, the market cap of PPHM is the # outstanding shares times the PPS. So it changes all day. If the STOP was at 1.08$ and the trading resumed at 0.40$ then the market cap is immediately lower.

So if you were looking at a site that calculates that on the fly then you might have that impression.

DURING a NASDAQ HALT nothing is possible. First Quoting (L1,2 and 3) resumes, often 5 minutes, and then trading resumes at the Bid/Ask established of those 5 min quoting. So the market cap can ONLY change during trading. In all other cases you need to change the outstanding stock (e.g. PPHM buy back or issue PPHM shares) to change the market cap.

In our case the PPS is lower then the real asset+potential value of PPHM (not vs the FUD make believe value based on nonsense that the IP if worth zero and bavituximab doesn't work, etc).

But OVER or UNDER value is very common on the stock markets because as long as a company is not in a Quarterly Revenue report setting the market can do what it wants and the e-media can drive the masses who very often due almost no D&D themselves. PPHM is largely undervalued and their is clearly something weighting on its PPS since many years in a systematic and organized way but which is broken by REAL good news (e.g. Sept 7th 2012 move to 5.40$).

Next Q/CC I expect Dr. Garnick on the call.