Avid Bioservices Inc (CDMO)

[hutschi]

Avid Bioservices: Plunges on steeply discounted stock deal - Reuters News
15-Feb-2018 12:58:12
** Avid Bioservices CDMO leading Thursday's premarket losers, with a 26 pct drop to $2.35
** Co's $20.3 mln follow-on offering with 9 mln shares prices at $2.25 each, a steep 31 pct discount to Wednesday's close (Full Story)
** Pricing at low end of marketed range of $2.25-$2.50, per market sources (Full Story)
** Offering size equates to about 20 pct of Avid's 45.2 mln shares outstanding, per Thomson Reuters data
** Avid plans to use net proceeds for expansion of its contract manufacturing business and general corp purposes
** Wells Fargo is sole book-runner; H.C. Wainwright and Roth Capital are co-managers
** CDMO fell ~20 pct last night on news of offering; shares have fallen ~16 pct this year through Wednesday's close