Avid Bioservices Inc (CDMO)

[DrRocker57]

This company can’t do anything right? Cant file required documents, Geez.

This is not a new or additional screw up on top of the convertible note default but a direct consequence from it. Not giving the company a pass here but let's not make things sound worse than they are.

The company previously reported in its Form 12b-25 filed with the SEC on March 12, 2024 that the company was unable to file the Form 10-Q within the prescribed time period due to the need to restate and file certain prior period financial statements as a result of the continued classification of the company’s 1.250% Exchangeable Senior Notes due 2026 as long-term liabilities following an event of default, as more fully described in the company’s Current Report on Form 8-K filed with the SEC on March 12, 2024.

Under Nasdaq rules, the company has 60 calendar days from the receipt of the Notice, or until May 20, 2024, to submit a plan to regain compliance with the Rule.