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

Rhea-AI Summary

Avid Bioservices, Inc. (NASDAQ: CDMO) announced a quarterly cash dividend of $0.65625 per share on its 10.50% Series E Convertible Preferred Stock. This dividend will be payable on July 1, 2020, to shareholders recorded as of June 15, 2020. The annualized yield represents 10.50% based on a $25.00 liquidation preference, accruing from April 1, 2020, through June 30, 2020. Avid is a biologics contract development and manufacturing organization focused on high-quality services for the biotechnology and pharmaceutical industries.

Positive

• Quarterly dividend of $0.65625 per share boosts income for shareholders.
• Dividend yield at 10.50% reflects company confidence in cash flow.

Negative

• None.

TUSTIN, Calif., June 03, 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 July 1, 2020 to holders of record at the close of business on June 15, 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 April 1, 2020 through June 30, 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 products derived from mammalian cell culture. The company provides a comprehensive range of process development, high quality CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With over 25 years of experience producing monoclonal antibodies and recombinant proteins in batch, fed-batch and perfusion modes, Avid's services include CGMP clinical and commercial product manufacturing, purification, bulk packaging, stability testing and regulatory strategy, submission and support. The company also provides a variety of process development activities, including cell line development and optimization, cell culture and feed optimization, analytical methods development and product characterization. www.avidbio.com

Contacts:
Stephanie Diaz (Investors)
Vida Strategic Partners
415-675-7401


Tim Brons (Media)
Vida Strategic Partners
415-675-7402

FAQ

When is the next dividend payment for CDMO?

The next dividend payment for CDMO will be made on July 1, 2020.

What is the amount of the dividend for Avid Bioservices' Series E Preferred Stock?

The dividend amount for the Series E Preferred Stock is $0.65625 per share.

What is the dividend yield for CDMO's Series E Preferred Stock?

The dividend yield for CDMO's Series E Preferred Stock is 10.50%.

Who is eligible to receive the dividend for CDMO?

Shareholders on record as of June 15, 2020, are eligible to receive the dividend.