Avid Bioservices Inc (CDMO)

[Protector]

TOG, the PPHM ATM sales is NOT a fact, merely a possibility that based on careful analysis of what happened yesterday (the large drops and their trading in the same minute slice) is not characteristic of PPHM ATM sales.

Furthermore:

Peregrine management sold ATM into the volume to thwart the bid.

the above reasoning doesn't hold under your previous phrase:

I still firmly believe that Ronin is making a bid to take over and was testing the waters.

If Ronin would be buying then the LAST thing PPHM would want to do if they didn't want Ronin (Stafford III) in is pressing the bid down by filling it. Not only would PPHM not get the best possible price but they would actually FACILITATE Ronin to build its position in PPHM in a cheaper way and what is more they would be providing the liquidity Ronin needs.

Yesterdays drops were simply SHORT DROPS and the position has NOT been closed yet. Today, depending on the pocket depth of those doing this, we might see more drops but in all cases I expect the position to be closed before the week-end and technically that should make us close higher today.

Carrying a short position overnight is already a risk given sudden news may arrive, but any instance that TRADES (day trader, swing traders, etc mostly ALL close positions daily and if not at least weekly).

And that is what we need to watch. If this position doesn't close and drops keep coming then we are NOT dealing with trading but with strategic moves. We can speculate on what they could be for but we'dd probably be wrong anyways.

PPHM would do good to look into the IOSCO - International Organization of Securities Commissions and see what the USA possibilities are to protect themselves against stock price manipulation.

They have long term experience as this paper from 2000 shows: INVESTIGATING AND PROSECUTING MARKET MANIPULATION