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Avid Bioservices Raises USD23.2 Million in Public Offering of Shares - MarketLine
21-Feb-2018 23:58:49
Avid Bioservices, Inc., a contract development and manufacturing organization (CDMO), has completed the underwritten public offering of 10,294,445 shares including underwriters' exercise of option to purchase additional 1,294,445 shares at a price of USD2.25 per share, for gross proceeds of USD23.16 million. The company intends to use the proceeds for the expansion of its contract manufacturing business and general corporate purposes. Wells Fargo Securities acted as sole book-running manager, H.C. Wainwright & Co. and Roth Capital Partners acted as co-managers; while K&L Gates LLP acted as legal advisor to the company for the offering. Deal History: Pricing: On February 15, 2018, Avid Bioservices priced the underwritten public offering of 9,000,000 shares of its common stock at a price of USD2.25 per share, for gross proceeds of USD20.25 million. In addition, the company granted the underwriters a 30 day option to purchase up to 1,350,000 additional shares at the offer price to cover over-allotments, if any. Announced: On February 14, 2018, Avid Bioservices announced the public offering of shares of its common stock. In addition, the company intended to grant underwriters a 30 day option to purchase up to an additional shares representing 15% of the shares of common stock offered in the public offering to cover over-allotments, if any. Filing: On January 25, 2018, Avid Bioservices filed a registration statement with the US Securities and Exchange Commission (SEC) for public offering of securities, to raise aggregate gross proceeds of up to USD125 million. Pursuant to the offering, the company from time to time may issue common stock, preferred stock, debt securities, warrants, rights and units in one or more offerings.
The company intends to use the proceeds for the expansion of its contract manufacturing business and general corporate purposes.
Deal In Brief
Deal Value (US$ Million) 23.16
Deal Type IPO
Sub-Category Secondary Offering,Completed
Deal Status Completed: 2018-02-20
Deal Participants
Target (Company) Avid Bioservices Inc
Deal Rationale
Offer Price ($ per share) 2.25
No. Shares Issued 9000000
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