Avid Bioservices Inc (CDMO)

[bfiest]

A proxy fight, when conducted properly, can be won. It happens the majority of the time when you have the right representation. It really comes down to 2 factors:

1. How has the stock performed in the last 3 years
2. And are our nominees more qualified than the current set of nominees.

If stock performance has been dismal and you have more qualified biotech and or financial executives better capable of running the company on the ticket then you can win any proxy fight. It's within our power to create change. Preferably we would like to see our current directors perform. The argument is change the BOD and change the direction of the company for the positive -- resulting in better results and much more attractive stock value. Nobody to date has really put up anything close to a proper proxy fight. It can be done.