On December 14, 2020 Avid Bioservices, Inc. (NASDAQ:CDMO) (NASDAQ:CDMOP), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, reported the closing of its previously announced underwritten public offering of 3,833,335 shares of its common stock, including 500,000 shares sold pursuant to the underwriters’ exercise of their option to purchase additional shares (Press release, Avid Bioservices, DEC 14, 2020, View Source [SID1234572809]). The offering price was $9.00 per share, and the gross proceeds from the offering were approximately $34.5 million, before deducting underwriting discounts and commissions and estimated offering expenses. Avid Bioservices, Inc. intends to use the net proceeds from the offering primarily for the expansion of its manufacturing capabilities and any remainder for general corporate purposes.
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RBC Capital Markets acted as sole book-running manager for the offering. Craig-Hallum Capital Group and Stephens Inc. acted as co-managers for the offering.
The shares described above were offered by Avid Bioservices, Inc. pursuant to a shelf registration statement on Form S-3 previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC"). A final prospectus supplement relating to the offering has also been filed with the SEC and is available on the SEC’s website at View Source Copies of the final prospectus supplement and accompanying base prospectus relating to this offering may be obtained from RBC Capital Markets, LLC, Attn: Equity Capital Markets, 200 Vesey Street, New York, NY 10281, by telephone at 877-822-4089 or by email at [email protected], Craig-Hallum Capital Group LLC, Attn: Equity Capital Markets, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, by telephone at (612) 334-6300 or by e-mail at [email protected] or from Stephens Inc., Attn: Equity Syndicate, 111 Center Street, Little Rock, AR 72201, by telephone at (501) 377-2000 or by email at [email protected].
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any offer, sale or solicitation of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.