Avid Bioservices Inc (CDMO)

[westjtter]

Legally there is no issue, but I do not understand why the company is taking this much time to restate their financials. This is not complicated unless there is something we do not know and they are somehow checking out some legal avenues??? According to what management has offered to date, there does not appear to be any legal malfeance and just something the company(legal/financial) missed on their convertible terms and so therefore had to negotiate a new financing agreement and of course have a legal obligation to restate the financials.

They have also indicated that once the financials are restated they will have the conference call but not sure if there will be questions allowed or if it will be more of a statement of what happened without going into detail???

As an optimist, I am hoping that this delay in filing the restated financials is to wait as long as possible and perhaps secure some additional contracts based on FDA approval of one or more of their clients drug candidates. So they start with the bad(mess up and $10 mil in additional financing costs) and then end with announcement of new contracts that should allow them to start manufacturing some of their backlog in contracts and perhaps allow them to increase their revenue projections going forward. This would be a good thing...yes???

Now I could be way off here, but like I said...trying to be optimistic!!!