Years ago I'd supply data to the census bureau about my company. They'd phone us every few months and ask how many employees we had, and questions like that. They never asked for precision and we never provided precision, especially when I was busy. I didn't put a CPA on the phone to talk with them.
They never explained how to count part-timers. What about new hires who hadn't started work yet? How about temps? Or people on leave? Or my wife and kids who'd help out in a pinch?
I'd try to give a decent answer, but I wasn't going to put much effort into it.
He's talking about CDMO, a Nasdaq issuer. It's hard to get a full picture of institutional holders, because in their 10-K filed on 29 June, they say:
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
Other than as set forth below, the information required by this Item is incorporated by reference to the information set forth under the caption, “Security Ownership of Certain Beneficial Owners, Directors and Management” in our 2021 Definitive Proxy Statement to be filed within 120 days after the end of our fiscal year ended April 30, 2021.
And elsewhere, they suggest they issue a lot of warrants, so...
However, it looks as if it had to do with this, rather than a delisting of the company from the exchange:
On April 15, 2021, Avid Bioservices, Inc. (the “Company”) issued a press release announcing the completion of the redemption of all of the Company’s outstanding 10.50% Series E Convertible Preferred Stock as of April 12, 2021. A copy of the press release is filed hereto as Exhibit 99.1.
So it seems likely the company is in the habit of issuing a good deal of convertible securities. That could explain what our new friend is complaining about.
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