Avid Bioservices Inc (CDMO)

[Protector]

bidrite, besides the fact that that option is not on the RONIN RED card it RISK to give RONIN 100% control of the PPHM BoD which is not desirable.

Furthermore I think such vote could be INVALID, you cannot change the voting bulletin of a card I think (ASSUMPTION). Which would mean your advice would steer shareholders in a useless and invalid vote RATHER then going for the SURE solution and voting the PPHM WHITE CARD and withholding on ES, DP and CJ on that card.

That ALWAYS results in 4 PPHM people to be elected and NEVER gives RONIN a majority in the BoD. And it gets rid of ES, CJ and DP and what is more, it leaves NO ROOM for electing a sudden new candidate.

QUESTION: RONIN can nominate 7 candidates if they want, yet they ONLY nominate 6. RONIN wrote that they would NOT nominate THEMSELVES (would be the Stafford and White families I assume) to the PPHM BOD because that is what activists do.

So, since they want ALL 7 candidates of PPHM out (incl. CEO King, AVid Director Lias and CFO Lytle and possibly some other higher management such as Shan) who is that 7th seat for?

Are we going to get the 6 RONIN candidates (if they would have a majority) vote Stafford or White in and then say they didn't pit themselves on the BoD but the BoD asked them?

If one tough we were done tapping from the RONIN barrel, then watch the posts of the coming weeks.

AIMO