Replies to post #317906 on Avid Bioservices Inc (CDMO)

[corporalagarn]

So you consider selling shares at forty cents to protect their paychecks a good thing. Unbelievable. Also your timeline is all wrong as is the amount of cash they received.

[bidrite]

I have been wondering about motives behind PPHM raising about, what? $25 to $30 million through issuing more shares in the period leading into Ronin announcing they are seeking to replace PPHM management by displacing company Directors from the Board via the ongoing proxy fight.

Except that PPHM didn't know there would be a proxy fight until mid-summer, so this theory doesn't hold water. The more plausible explanation is they truly did want to prevent the share price from climbing over $1 so they could initiate the 1 for 7 reverse split, but leave authorized shares the same. This would have guaranteed many more years of ATM usage while continuing to dilute the heck out of shareholders. I don't think they anticipated a fierce proxy battle and are now scrambling to cover.

[The Other Guy]

Keep trying, no, that is not what Peregrine management intended. They would have communicated their intentions. Good story though. Place blame on others.