Avid Bioservices Inc (CDMO)

[jakedogman1]

there was a provision that changed conversion rights if share price was below $0.855 pre split.. (about $6 per share post split)

also note the language from amended 10k and the 60 day reference from Aug 25, 2017...

WTF is going on and are shareholders gonna take one up the rear (again) from this mgmt team?

amended annual report

http://files.shareholder.com/downloads/PPHM/5305437386x0xS1683168-17-2228/704562/filing.pdf


(g) Includes shares that such individuals have the right to acquire as of August 25, 2017, or within 60 days thereafter, pursuant to outstanding stock options as follows: Mr.
King—398,377 shares; Mr. Swartz—242,828 shares; Mr. Pohl—251,592; ; Mr. Lytle—207,678 shares; Mr. Johnson—228,542 shares; Mr. Shan—136,969 shares; Dr.
Fussey—119,540 shares; and Mr. Ziebell—131,253 shares. Such shares are deemed to be outstanding in calculating the percentage ownership of such individual (and
the group), but are not deemed to be outstanding as to any other person




from 424B

http://files.shareholder.com/downloads/PPHM/5305437386x0xS1019687-15-3865/704562/filing.pdf

(2) The 10.50% Series E Convertible Preferred Stock (“Series E Preferred Stock”) is convertible into a number of shares of common stock determined by
dividing the liquidation preference of $25.00 per share by the conversion price, currently $3.00 per share. If all outstanding Series E Preferred Stock were
converted at the $3.00 per share conversion price, the holders of Series E Preferred Stock would receive an aggregate of 13,145,333 shares of our
common stock. However, we have reserved the maximum number of shares of our common stock that could be issued upon a change of control event
assuming our shares of common stock are acquired for consideration of $0.855 per share or less. In this scenario, each outstanding share of Series E
Preferred Stock could be converted into a maximum of 29 shares of common stock, representing the Share Cap.