Avid Bioservices Inc (CDMO)

[Protector]

bfiest, a reverse split is indeed not a forgone for PPHM but it is a possibility. It may all depend on timing, when, what, who, how, how much, how long, etc

So it is better that we are prepared. Again an RS is and MUST be a neutral operation (incluse the authorised shares, outstanding options, PPHMP conversion, etc, etc).

BUT THEN...AFTER a reverse split (if it would happen) an important time starts. If the company keeps bring much and very good numbers (Avid) and new( Bavi pipeline) and new income of Exosomes with a first commercial product, then we will start getting quarterly sales update or licensing income, etc.

The PPS will remain and be supported. If however we end in a dessert of no news or Avid trouble etc then the PPS will not hold IMO and then the RS becomes a bad thing because it created leeway for more down momentum.

The letter to PPHM must at least make sure that the shelf gets split to because otherwise it becomes a source of dilution by shares we didn't authorise in relation to the number of outstanding common stock at the moment of the vote.