Avid Bioservices Inc (CDMO)

[Protector]

RRDog, from the Equilibriums reference I take it you replied to my last post.

Now, get your head out of your rear and stop your long winded defenses of ATM at LESS THAN 5% OF CURRENT DISCOUNTED VALUE.

I may have, and still will, defend the ATM for now but I didn't have the feeling that this post was one of them.

I do know where you stand, your last years posts where quite clear about your take on the ATM, but let's agree that we disagree on that topic.

Our difference in opinion will probably find there grounds in a difference of evaluation of the characteristics of ATM vs loan, both only needed as long as we don't have partnerships with upfront payments.

My biggest arguments against loans will be the terms, certainly not the financial conditions as I have to agree that the last loan
was very interesting in that aspect, 7.5% interest I believe.
It are mostly all the restriction in the margin, that in times where Peregrine must be able to negotiate, that bother me the most.

Also the risk involved with having creditors, that as we saw first think about their interest and then Peregrines, is one that I don't like.

I would also NOT want the pipelines or IP in collateral again as with the first loan and keep it unencumbered. As Peregrine is still a vulnerable entity it would risk to loose them through a loan call at an unfortunate moment and with the inability to fall back on the ATM to pay back, as forbidden by the loan terms!

It would open the doors for set-ups that could take critical components away from Peregrine for pea-nuts by just exploiting an unfortunate momentum or even, if I would be wrong about conspiracy risk, artificially create that momentum.

That in combination with the leverage of means raised by the ATM compensating for the dilution makes me a defender of the ATM.

So for now, let me take care of my own head :)