Richard A. Richieri - 05 Feb 2025 Form 4 Insider Report for Avid Bioservices, Inc. (CDMO)

Role
Chief Operations Officer
Signature
/s/ Stephen Hedberg, by Power of Attorney for Richard A. Richieri
Issuer symbol
CDMO
Transactions as of
05 Feb 2025
Transactions value $
$0
Form type
4
Filing time
07 Feb 2025, 19:39:36 UTC
Previous filing
13 Jan 2025
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CDMO Common Stock, $0.001 par value Disposed to Issuer -49,535 -100% 0 05 Feb 2025 Direct F1, F2
transaction CDMO Common Stock, $0.001 par value Disposed to Issuer -8,785 -100% 0 05 Feb 2025 By Spouse F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction CDMO Stock Option (right to buy) Disposed to Issuer -56,250 -53.7% 48,498 05 Feb 2025 Common Stock 56,250 $5.30 Direct F3, F4
transaction CDMO Stock Option (right to buy) Disposed to Issuer -48,498 -100% 0 05 Feb 2025 Common Stock 48,498 $6.95 Direct F3, F4
transaction CDMO Restricted Stock Units Disposed to Issuer -59,212 -100% 0 05 Feb 2025 Common Stock 59,212 $0.000000 Direct F5, F6
transaction CDMO Performance Stock Units Disposed to Issuer -107,137 -100% 0 05 Feb 2025 Common Stock 107,137 $0.000000 Direct F7, F8
transaction CDMO Stock Option (right to buy) Disposed to Issuer -1,650 -32.5% 3,430 05 Feb 2025 Common Stock 1,650 $5.22 By Spouse F3, F4
transaction CDMO Stock Option (right to buy) Disposed to Issuer -1,430 -41.7% 2,000 05 Feb 2025 Common Stock 1,430 $6.07 By Spouse F3, F4
transaction CDMO Stock Option (right to buy) Disposed to Issuer -2,000 -100% 0 05 Feb 2025 Common Stock 2,000 $6.95 By Spouse F3, F4
transaction CDMO Restricted Stock Units Disposed to Issuer -4,817 -100% 0 05 Feb 2025 Common Stock 4,817 $0.000000 By Spouse F5, F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Richard A. Richieri is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Represents shares of common stock that were disposed of at the effective time (the "Effective Time") of the merger (the "Merger") of Space Mergerco, Inc. ("Merger Sub") with and into Avid Bioservices, Inc. (the "Issuer") pursuant to the Agreement and Plan of Merger, dated as of November 6, 2024 (the "Merger Agreement"), by and among the Issuer, Space Finco, Inc., and Merger Sub.
F2 At the Effective Time, each outstanding share of common stock was cancelled and converted into the right to receive a cash payment per share of $12.50, without interest, subject to the terms and conditions of the Merger Agreement (the "Merger Consideration").
F3 Represents stock options ("Options") that were disposed of at the Effective Time of the Merger of Merger Sub with and into the Issuer pursuant to the Merger Agreement, by and among the Issuer, Space Finco, Inc., and Merger Sub.
F4 This Option was fully vested at the Effective Time. At the Effective Time, each fully vested Option was cancelled and converted solely into the right to receive a cash payment equal to the product of (a) the total number of shares of common stock subject to such Option immediately prior to the Effective Time, multiplied by (b) the excess, if any, of the Merger Consideration over the per share exercise price of such vested Option, without interest, subject to the terms and conditions of the Merger Agreement.
F5 Represents restricted stock units ("RSUs") that were disposed of at the Effective Time of the Merger of Merger Sub with and into the Issuer pursuant to the Merger Agreement, by and among the Issuer, Space Finco, Inc., and Merger Sub.
F6 At the Effective Time, each unvested RSU was cancelled and converted solely into the right to receive a cash payment of $12.50 per share of common stock subject to such unvested RSU, without interest, subject to the terms and conditions of the Merger Agreement.
F7 Represents performance stock units ("PSUs") that were disposed of at the Effective Time of the Merger of Merger Sub with and into the Issuer pursuant to the Merger Agreement, by and among the Issuer, Space Finco, Inc., and Merger Sub.
F8 At the Effective Time, each unvested PSU was cancelled and converted solely into the right to receive a cash payment of $12.50 per share of common stock that such unvested PSU would settle for at the greater of target performance and actual performance (determined as of the end of the fiscal quarter immediately preceding the Effective Time, without interest, subject to the terms and conditions of the Merger Agreement.

Remarks:

The foregoing descriptions in the footnotes to this Form 4 are qualified in their entirety by reference to the terms of the Merger Agreement. In the event of any conflict between the descriptions above and the terms set forth in the Merger Agreement, the terms set forth in the Merger Agreement shall control.