Avid Bioservices Inc (CDMO)

[JJ1223]

You do not seem to understand the importance of independence. If successful, the nominees should have zero relationship with Ronin. Stafford or White are not running for a board seat, and their desires for the company cannot carry more weight, other than voting, than any other shareholder. Interim is not a period of time prior to election, but after election and prior to beginning resonsibilities. The statement was not well thought out by Ronin, yet again, and will be a topic of debate by Peregrine in the future. These kind of statements are intellectual errors.