Why Is Avid Bioservices (CDMO) Stock Down 30% Today?

Avid Bioservices (NASDAQ:CDMO) stock is falling on Thursday after the contract development and manufacturing company announced the pricing of a private placement.The private placement includes 7.00% Convertible Senior Notes due 2029 with an aggregate principal amount of $160 million. The notes mature March 1, 2029 and accrue interest semiannually on March 1 and September 1 each year.Avid Bioservices notes that the conversion price for the notes is 101.1250 shares of CDMO stock for each$1,000 principal amou ...