Avid Bioservices Inc (CDMO)

[westjtter]

Yes, but even more than that....who negotiated the deal that had an acceleration clause that could result in the loan being called without any kind of notification instrument as part of this....every loan has a provision of a time period(30 days?), after notification from the lender, to bring your payments up to date or risk having the loan called.

So is this a bump in the road, or a severe setback? "A failure of internal controls"......so how does that look to a BP that is waiting for approval from the FDA and needs a CDMO to manufacture this drug?

Do you trust a company like Avid that had a serious failure of their internal controls to manufacture this drug? Does this failure only relate to the financial department or is this widespread in the company and could affect their manufacturing controls also???

Now I may think this is a failure of internal controls only of their accounting/financial/legal division, but a BP or Biotech looking for a contract manufacturer may now be concerned that the entire company may not be well run. Is this the first and only cockroach or are there other issues?

As a shareholder, I am shocked at the incompetence and angry that insufficient controls were not in place!