Avid Bioservices Inc (CDMO)

[JJ1223]

There is much speculation on this message board.
The BOD has never communicated effectively to investors. They are over paid and have accomplished very little. SH loyalty to the BOD is at an all time low.
-After saying a RS was not necessary, and also not in the best interest of shareholders, they do a 1:7 RS. Why? King will have to address the reason on the CC, or down grade SH confidence further.
-The RS was announced with 5 plus hours of trading remaining in the day. Why?? The stock moved from .64 to .50, but rebounded to almost .61 at end of day. It has been going up every day...even before the Ronin letter.
Why?
-Ronin expressly declares that all development of Bavi should be stopped, when PS Targeting seems to be gaining in scientific understanding and acceptance. Why?
-The BOD cannot survive a "no confidence" vote at the October ASM, and they know it.
They are now on the clock, and they have about 90 days to make something happen.
Any BP, or other potential partner, now knows that the time to negotiate with Peregrine is NOW. The BP now has a strategic negotiation advantage that they did not have after Peregrine loaded the boat with 400MM shares available for sale via the ATM. The Ronin letter erased that negotiating chip, and it is doubtful that this BOD would turn down any reasonable offer to partner on PS Targeting.
For this BOD to go into the ASM without a partnership would lead to their demise, and all parties clearly understand this point.
I also expect better communication from Peregrine, and it must start tonight. All IMHO. GLTA.