Avid Bioservices Inc (CDMO)

[keep_trying]

Frustrated, Your point about why didn't PPHM just do a financing when the pps was $2 doesn't appear to recognize how the process of setting up a financing can influence ultimate share price. If you figure that trading might carry 300,000 shares volume per day and that PPHM was privately placing over 6 million shares, the offering would amount to some 20 days of trading volume. The ATM placements involved another 4 or 5 days of trading volume. Short interest, as far as we can tell, didn't increase in advance of these placements sufficient to cover the volume.

Now consider that look back to spring where you saw a $2 pps. Consider how solid was that $2 pps threshold for supporting price if a party wanted to turn around their purchased shares within a relatively short period? Looking back at pps in the spring, the price was sweeping above and below $2 but mostly below $2. It had dipped to below $1.50. Now consider how there were three disclosed financial interests (Roth plus two "helpers") involved who set up the raising of $7 million from a couple private investors (undisclosed) while receiving about $1/2 million for their services. Figuring that the deals are closing about now, the first week of September 2011, what would you see as the lead time for when the word would have been out that PPHM is seeking to work up a private financing amounting to about a month of underlying daily trading volume? What period of stock trading would be agreed upon as setting the pricing for the private offering (that should be in the disclosure statement)? Also, considering how PPHM did about $2 million in at the market fund raising since April 30 leading into the private financing (total of $9 million over four months) what sort of impact would you expect that to exert on negotiated share price for the $7 million?

Answering questions with questions like this can give insights as to why PPHM wasn't just able to move a $7 million private placement at the four month ago pps.

Best wishes and IMO.
KT