Avid bioservices announces pricing of private placement of convertible notes

Tustin, calif., march 06, 2024 (globe newswire) -- avid bioservices, inc. (nasdaq:cdmo), a dedicated biologics contract development and manufacturing organization (cdmo), announced today the pricing of $160 million aggregate principal amount of 7.00% convertible senior notes due 2029 (the “2029 notes”). in connection with the offering, the company entered into private placement purchase agreements with the several purchasers, each of whom is a “qualified institutional buyer” within the meaning of rule 144a promulgated under the securities act of 1933, as amended (the “securities act”). the closing of the offering is subject to customary closing conditions and is expected to take place on march 12, 2024.
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