Replies to post #269713 on Avid Bioservices Inc (CDMO)

[Carboat]

Just because a trial failed does not mean it was sabotaged first lne, pancreatic, Sunrise were just straight up failures. The reason for the shorting is simple. There are no buyers. And the holders are retail - the weakest of hands. So of course the penny stock boiler room gang is going to try to make money on the downside. No real hedge fund gets involved with a stock with such small trading volume - not enough money to waste their time. A hostile takeover? Shareholders should be so lucky.

[exwannabe]

Cloak, wrt RS and voting shares:

It is not the shelf per se that is the issue, it is number of shares authorized. The shelf can be changed (or a new one registered) whenever they choose w/o shareholder voting. The authorized shares do require a vote, and limit future share issuance.

On the last RS, they state the following in the Proxy

Although the Reverse Split will not have any dilutive effect on our stockholders, the proportion of shares owned by our stockholders relative to the number of shares authorized for issuance will decrease. As a result, the additional authorized shares of common stock will be available for issuance at such times and for such purposes as the Board of Directors may deem advisable without further action by our stockholders, except as required by applicable laws and regulations. In accordance with NASDAQ Stock Market Rules, we would be required to obtain prior stockholder approval if we intended to issue common stock, or securities convertible or exercisable for common stock, at a price less than the greater of book or market value of our common stock, in any transaction or series of transactions if the common stock to be issued has, or will have upon issuance, voting power equal to or in excess of twenty percent (20%) of the voting power outstanding before the issuance of such stock, as further defined by Nasdaq Rule 4350(i)(1)(D). In addition, we do not have any present plan or intention to issue the additional shares of authorized but unissued common stock that would become available as a result of the proposed Reverse Split.

So what happened was exactly what you are worried about. But the number of shares authorized also needs to be reverse split in order to leave the control (to whatever extent it really exists) in the hands of the existing common.

[vinmantoo]

SUNRISE, again a control arm outperforming incident while bavituximab performed well.

Right, CP, right. It is now about 6 months after Sunrise was stopped at the first futility look-in and the same time frame since PPHM made the vague claims about both the control arm and the Bavi + DOC arm.
You have to ask yourself why didn't PPHM provide the numbers then that supposedly supported that vague comment at the tie it was first issued. There is no reason I can think of except is was a desperate attempt at spin in the face of an overwhelming failure. You also have to ask yourself if that vague claim was valid, why hasn't PPHM make it more forcefully and repeatedly now, and why they haven't provided the numbers now.