Avid Bioservices Inc (CDMO)

[NoMoDo]

The first business I bought took 8 months and it was a very small business compared to PPHM. For 6 months, the only people who knew about the transaction was 2 accountants and 3 lawyers. Most of the employees found out the day we changed hands. The key employees found out at the 6 month mark because a few of them were essential to the deal and we needed to know they were on board.

My point is that it's possible that they had a deal pending the trials of sunrise and then had to re-evaluate based on those results. It's also possible that they planned on going alone until the sunrise trials and are working a deal now. It is possible that the process of partnering is almost done even though we would not know it until they are ready to announce.

I suggest looking at the off the cuff remarks made at the CC's and ASM as well as responses to shareholders in informal meetings for hints. I believe there are a few that might suggest a possible direction. Kind of looking for a tell in poker. Sometimes they slip and show their hand.

If something were up, there may be subtle hints such as CEO's going a bit overboard acting like nothing is up. The company may put out PR's that suggest there is nothing to see here - might even bring up a failure that happened well in the past to emphasize the point that nothing is going on that should move the share price. And then if the stock price has upward pressure, they could sit on the ask to keep it from causing the buyer to think that the news has been leaked.