Avid Reminds Stockholders to Vote Today FOR the Transaction with GHO and Ampersand

Core Points - Avid Bioservices is in the process of a transaction with GHO Capital Partners and Ampersand Capital Partners, which is expected to deliver significant, immediate, and certain cash value to stockholders [1][6] - The transaction has received recommendations from leading independent proxy advisory firms, ISS and Glass Lewis, to vote in favor of the deal [3][6] - Avid's Board of Directors conducted a robust process to maximize stockholder value, including engaging multiple strategic and financial parties [7][6] Company Overview - Avid Bioservices is a dedicated biologics contract development and manufacturing organization (CDMO) that provides high-quality development and manufacturing services to biotechnology and pharmaceutical companies [1][11] - The company has over 30 years of experience in producing biologics and offers a comprehensive range of services, including CGMP clinical and commercial manufacturing [11] Transaction Details - The Special Meeting for stockholders to vote on the transaction is scheduled for January 30, 2025, with eligible stockholders as of December 11, 2024 [2] - The proposed transaction offers a compelling valuation with a significant premium of 63.8% over the company's closing price of $7.63 on June 4, 2024, and a premium of 24.9% compared to the trading multiples of comparable publicly traded companies [4][6] - The transaction is seen as a de-risking move for Avid's future as a standalone company amid industry-wide uncertainties [5][6] Voting and Advisory - The Avid Board of Directors unanimously recommends that stockholders vote "FOR" the proposed transaction [9] - Stockholders are encouraged to vote through various methods, including online, by phone, or by returning the proxy card [8]