Avid Bioservices Announces Completion of Redemption of Series E Convertible Preferred Stock

Rhea-AI Summary

Avid Bioservices announced the successful redemption of all outstanding 10.50% Series E Convertible Preferred Stock as of April 12, 2021. The company utilized proceeds from a recent offering of exchangeable senior notes to complete this redemption, with each share redeemed at $25.00 plus any accrued dividends. Consequently, the Series E Preferred Stock is no longer listed on NASDAQ as CDMOP. Avid Bioservices specializes in biologics contract development and manufacturing, focusing on high-quality services for the biopharmaceutical industry.

Positive

• Successful redemption of 10.50% Series E Convertible Preferred Stock.
• Utilization of proceeds from exchangeable senior notes for the redemption.

Negative

• None.

TUSTIN, Calif., April 15, 2021 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ: CDMO) (the “company”), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced that it has completed the redemption of all of the company’s outstanding 10.50% Series E Convertible Preferred Stock (“Series E Preferred Stock”) as of April 12, 2021 (the “Redemption Date”).

In a press release dated March 10, 2021, the company announced its intention to utilize a portion of the proceeds from its recent offering of exchangeable senior notes to redeem all of the company’s outstanding Series E Preferred Stock. Each share of Series E Preferred Stock was redeemed at a redemption price equal to the liquidation amount of $25.00 per share plus accrued and unpaid dividends per share up to, but excluding, the Redemption Date. As a result of the completed redemption, the Series E Preferred Stock is no longer outstanding nor listed as CDMOP on the NASDAQ Stock Market.

About Avid Bioservices, Inc.
Avid Bioservices is a dedicated contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biopharmaceutical drug substances derived from mammalian cell culture. The company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With 28 years of experience producing monoclonal antibodies and recombinant proteins, Avid's services include CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing and regulatory submissions support. For early-stage programs the company provides a variety of process development activities, including upstream and downstream development and optimization, analytical methods development, testing and characterization. The scope of our services ranges from standalone process development projects to full development and manufacturing programs through commercialization. www.avidbio.com

FAQ

What did Avid Bioservices announce on April 15, 2021?

Avid Bioservices announced the completion of the redemption of all its outstanding 10.50% Series E Convertible Preferred Stock as of April 12, 2021.

What was the redemption price for Series E Preferred Stock?

Each share of Series E Preferred Stock was redeemed at $25.00 plus accrued dividends.

How did Avid Bioservices finance the redemption of its Series E Preferred Stock?

The company used a portion of the proceeds from its recent offering of exchangeable senior notes for the redemption.

Is the Series E Preferred Stock still listed on NASDAQ?

No, the Series E Preferred Stock is no longer outstanding or listed on NASDAQ as CDMOP.