Avid Bioservices, Inc.
Company Name | Avid Bioservices, Inc. |
Stock Symbol | CDMO |
On March 6, 2024, Avid disclosed that it had received an acceleration notice from a holder of its 1.250% Exchangeable Senior Notes due 2026. The holder further claimed that the accelerated amount, inclusive of principal and interest due and payable, as of February 29, 2024, the date of acceleration, was approximately $146.0 million and accrues interest at 2.75% per annum until paid in full. The Company also disclosed that it may be unable to timely file its first quarter 2024 financial results.
On this news, Avid’s stock price fell $2.69, or 30.6%, to close at $6.10 per share on March 7, 2024, thereby injuring investors.
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