Avid Bioservices Inc (CDMO)

[jakedogman1]

Why the selling? Getting booted from the Russell Microcap is probably why.

Stocks must trade at or above $1.00 on their primary exchange on May 31 to be eligible for inclusion in the Russell U.S. indexes during annual reconstitution or during the IPO eligibility periods.

Total shares held by institutions is about 10.3 million of which the majority is related to micro cap. See institutional holdings.

So mgmt wants to keep nasdaq compliance by July 21 when there will be 10 million shares of selling pressure by the end of June.

Call me a basher but is mgmt completely inept or do they want to tube this thing? I prefer the company be sold now versus another downward spiral.

http://www.russell.com/Indexes/about/russell_indexes_construction_methodology_overview.asp