Avid bioservices announces proposed 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 that it intends to offer, subject to market conditions and other factors, $160 million aggregate principal amount of convertible senior notes due 2029 (the “2029 notes”) in a private placement (the “offering”) to persons reasonably believed to be qualified institutional buyers pursuant to section 4(a)(2) of the securities act of 1933, as amended (the “securities act”). the company expects to price the offering before open of market on march 7, 2024.
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