Avid Bioservices Inc (CDMO)

[infofor2016]

Pref. Shares should enjoy 10.5% while the stock is <$3. When it goes above and is sustainable, then can exercise at allowable date. It was always a "presale" of equity at a higher price from when issued. Nice move on PPHM at the time. Nothing magical if you knew the price would move and were in a preferred position until conversion opportunity, yielding 10.5%. Q is, what's the shares o/s after the conversion? Can calculate to the total PPHM prospective value.

The oversubscription was a hint of what was to come. Some were willing to bet on a $3 conversion as a very good deal.

Good Luck