Avid Bioservices Inc (CDMO)

[Protector]

FTM, that scenario is certainly possible.

The announcement of these results will have an impact on the pps therefor if they are quickly followed by a partnership and if we assume the partner wants a piece in our capital structure and seat some BoD members then they will have to make a shares deal at a fixed price before the results announcement. If not the partner will have to pay the inflated pps due to the results announcement.

That would allow us to put a number of days on "quickly followed by" because such a deal would go hand in hand with the partnership and material events need to be reported within 4 business days (SEC rules). Therefor if we receive the 1st ln results and 2nd line detailed data we should see a partnership announcement within the 4 following days in that scenario.