Avid Bioservices Inc (CDMO)

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$87-90 MM almost seems like too much cash for a company this size to have on hand under normal circumstances.(Any accountants care to weigh in on that observation?).

There must be some reason.

I don't know about the 51% - it seems to me that the $43 MM in the bank, followed by the $27 MM in ATM, followed by the $17-20 MM in Series E preferred, is all part of the negotiation strategy for concluding a partnership/collaboration agreement on favorable terms to PP.