DD Support Board and Research Team

[janice shell]

He's talking about CDMO, a Nasdaq issuer. It's hard to get a full picture of institutional holders, because in their 10-K filed on 29 June, they say:

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Other than as set forth below, the information required by this Item is incorporated by reference to the information set forth under the caption, “Security Ownership of Certain Beneficial Owners, Directors and Management” in our 2021 Definitive Proxy Statement to be filed within 120 days after the end of our fiscal year ended April 30, 2021.

And elsewhere, they suggest they issue a lot of warrants, so...

https://www.otcmarkets.com/filing/html?id=15063668&guid=ORt1kH0-h3IHZ3h

The Nasdaq filed a Form 25 on 12 April of this year:

https://www.otcmarkets.com/filing/html?id=14866312&guid=zzt1kWz4RHtoM3h

However, it looks as if it had to do with this, rather than a delisting of the company from the exchange:

On April 15, 2021, Avid Bioservices, Inc. (the “Company”) issued a press release announcing the completion of the redemption of all of the Company’s outstanding 10.50% Series E Convertible Preferred Stock as of April 12, 2021. A copy of the press release is filed hereto as Exhibit 99.1.

https://www.otcmarkets.com/filing/html?id=14873570&guid=Czt1keDdEYEDb3h

So it seems likely the company is in the habit of issuing a good deal of convertible securities. That could explain what our new friend is complaining about.