Avid Bioservices, Inc.

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After the market close on March 6, Avid Bioservices disclosed that it is evaluating whether its previously issued financial statements should be relied on and that it may not be able to timely file its most recent quarterly financial results. Avid attributed this to having failed to remove a restrictive legend on previously issued 1.25% exchangeable notes.  

Shares of Avid Bioservices, Inc. dropped more than 28% in intraday trading on March 7, 2024.

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