Avid Bioservices Declares Quarterly Dividend on Its Series E Convertible Preferred Stock

Rhea-AI Summary

Avid Bioservices (NASDAQ:CDMO, CDMOP) has declared a quarterly cash dividend of $0.65625 per share on its 10.50% Series E Convertible Preferred Stock. This dividend is payable on January 4, 2021, to shareholders on record by December 14, 2020. The annualized yield is 10.50% based on a liquidation preference of $25.00 per share, accruing from October 1, 2020, through December 31, 2020. Avid is a leading biologics contract development and manufacturing organization dedicated to improving patient lives through high-quality services for biotechnology and pharmaceutical clients.

Positive

• Quarterly cash dividend of $0.65625 per share provides income for shareholders.
• Annualized yield of 10.50% indicates company confidence in financial stability.

Negative

• None.

TUSTIN, Calif., Dec. 01, 2020 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO) (NASDAQ:CDMOP), 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 its Board of Directors has declared a quarterly cash dividend payment on the Company's 10.50% Series E Convertible Preferred Stock (the "Series E Preferred Stock").

The quarterly dividend on the Series E Preferred Stock is payable on January 4, 2021 to holders of record at the close of business on December 14, 2020.

The quarterly dividend payment on the Series E Preferred Stock will be $0.65625 per share, which is equivalent to an annualized 10.50% per share, based on the $25.00 per share stated liquidation preference, accruing from October 1, 2020 through December 31, 2020. The Series E Preferred Stock is listed on the NASDAQ Capital Market and trades under the ticker symbol "CDMOP".

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 27 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 is the dividend amount declared by Avid Bioservices?

Avid Bioservices declared a quarterly dividend of $0.65625 per share on its Series E Preferred Stock.

When will the dividend be paid?

The dividend will be paid on January 4, 2021.

What is the record date for the dividend?

The record date for the dividend is December 14, 2020.

What is the annualized yield of the Series E Convertible Preferred Stock?

The annualized yield is 10.50% based on a liquidation preference of $25.00 per share.

What ticker symbols are associated with Avid Bioservices?

Avid Bioservices trades under the ticker symbols CDMO and CDMOP.