Replies to post #231542 on Avid Bioservices Inc (CDMO)

[BCS Paladin]

Quote:
Or, They Want To Force Disclosure Of Those...

Behind the 100million non-voting broker votes by making them vote no. Perhaps the deal PPHM is trying for is with someone other than the group behind all those shares. If "they" don't vote no,PPHM will have enough shares toclose a deal with a different entity and those 100millionsharevotes won't be able to stop thenew and better deal?!!

Bio

They way I read this quote doesn't really make sense.

If there a 100 million or so votes out there "Lurking" and they do not want to have proposal 3 pass then they don't have to vote NO....they just have to not vote at all which will count as a NO vote.

It seems as if MGT wants this to pass and they somehow think they have enough votes for YES for it to pass.

It seems that to pass a big chunk of the 100 million Lurking voters must vote.

It seems that Mgt may have made a deal with the BP that is "related" to the previous non-voters.

It seems I may be wrong on CALICO

[nuke661]

Bio,

This is what I believe is the actual rule that pertains to our situation and its from the NASDAQ rules (see following link):
2251 Forwarding of Proxy and Other Issuer-Related Materials

2251. Forwarding of Proxy and Other Issuer-Related Materials

(a) Nasdaq Members shall comply with FINRA Rule 2251 as if such Rule were part of Nasdaq's Rules.

(b) For purposes of this Rule, the guidance adopted by FINRA with respect to reasonable rates of reimbursement as provided in FINRA Rule 2251 and the accompanying supplementary material is hereby adopted as the guidance of the Nasdaq Board.

(c) For purposes of this Rule:

(1) references to FINRA shall be construed as references to Nasdaq, and

(2) references to Rule 2251 shall be construed as references to Nasdaq Rule 2251.

(d) Notwithstanding the foregoing, a Nasdaq Member that is not the beneficial owner of a security registered under Section 12 of the Act is prohibited from granting a proxy to vote the security in connection with a shareholder vote on the election of a member of the board of directors of an issuer (except for a vote with respect to the uncontested election of a member of the board of directors of any investment company registered under the Investment Company Act of 1940), executive compensation, or any other significant matter, as determined by the Commission, by rule, unless the beneficial owner of the security has instructed the member to vote the proxy in accordance with the voting instructions of the beneficial owner.

It appears to me that the brokers have the ability to vote the stock for our "routine" matter of increasing the authorized shares if they don't receive instructions from the beneficial owners. I'm equating "routine" to being not "significant" as discussed in the underlined text above.