Avid Bioservices Inc (CDMO)

[geocappy1]

Is it possible that the buyers of those 16M shares @ $1.75 ($27M) are the same buyers who bought the preferred shares at $20M. Total investment $47M. Then they turn around and sell those original 16M shares at say $2.90 in the following weeks as part of the 100M shares sold. They realize 2.90x16M or about $47M for a net cost of $0 and they still hold the preferred. Run the ATM at $1.75, place a $20M preferred offering, schedule a bunch of conferences (both investor and science) which release a whole bunch of milk toast data (sure an unusual amount of conferences with no wow factor). Voila, prearranged financing at no cost to the big investor.

Like EBS says, if no form 13s and no earth shattering news, one has to wonder what it was all about. Is the market figuring it out or is this just natural ebb and flow.