Avid Bioservices, Inc. Provides Notice of Fundamental Change and Make-Whole Fundamental Change to Holders of its Convertible Notes in Connection with Completed Merger

Core Points - Avid Bioservices, Inc. announced a Fundamental Change and a Make-Whole Fundamental Change occurred on February 5, 2025, due to the closing of a merger transaction [1][2][5] - Holders of the 7.00% Convertible Senior Notes due 2029 have the right to require the company to repurchase their notes at 100% of the principal amount plus accrued interest on March 12, 2025 [2][4] - The company will increase the Conversion Rate for notes surrendered for conversion during the Make-Whole Fundamental Change Conversion Period, which ends on March 10, 2025 [5][10] Company Overview - Avid Bioservices is a dedicated contract development and manufacturing organization (CDMO) focused on biologics, providing a range of services including process development and CGMP manufacturing for biotechnology and pharmaceutical companies [13]