Avid Bioservices Inc (CDMO)

[exwannabe]

4OR, of those 189M voters represented (in person or by proxy), 104M were broker non votes for the BOD election. These were the "apathetic" crowd that did not return proxy's and thus could not vote for the BOD. [They were represented in the meeting because the Broker can vote for the routine issues, a trick often used to insure a quorum is present]

So, this is the breakdown of the 189M voters:

104M non voters
58M "For"
26M "Withheld"

Obviously the 17M Ronin shares go to Ronin. So that makes things reasonably close at 58M to 43M.

As far as retail, the "Withheld" votes were an anti-incumbent protest, so will go strongly to Ronin. Being contested, a decent chunk of the non voters will vote, and I would guess they will tend to side with Ronin. And some of the "For" votes will likely defect.

All in all, I would think Ronin would easily gain a decent amount of retail and either be ahead or neck and neck.

That leaves Dart and Tappen Street. Both of which look much more likely to back Ronin. I doubt if Ronin would have started the fight if he did not know he had Dart's vote. And look at Tappen, they jumped in after the Ronin move.