Avid Bioservices Announces Proposed Offering of Common Stock

Avid Bioservices (NASDAQ:CDMO) announced that it has commenced an underwritten public offering of its common stock. Avid Bioservices also intends to grant the underwriter a 30-day option to purchase from it up to an additional 15% of the shares of common stock offered in the public offering to cover over-allotments, if any.

As quoted in the press release:

Avid Bioservices intends to use the net proceeds from the offering for the expansion of its contract manufacturing business and general corporate purposes.  Wells Fargo Securities is acting as sole book-running manager.

The shares described above are being offered by Avid Bioservices pursuant to a shelf registration statement on Form S-3 previously filed with and subsequently declared effective by the Securities and Exchange Commission.

Click here to read the full press release.