Avid Bioservices, Inc. Provides Notice of Fundamental Change and Make-Whole Fundamental Change to Holders of its Convertible Notes in Connection with Completed Merger

TUSTIN, Calif., Feb. 05, 2025 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (“Avid” or the “Company”), 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, today provided notice (the “Notice”) to holders of its 7.00% Convertible Senior Notes due 2029 (the “Notes”), pursuant to the terms of the Indenture, dated as of March 12, 2024 (the “Indenture”), by and between the Company and U.S. Bank Trust Company, National Association (“U.S. Bank”), as trustee, governing the Notes that, in connection with the closing of the transaction contemplated by the Agreement and Plan of Merger, dated as of November 6, 2024 (the “Merger Agreement” and such transaction, the “Merger”), by and among Avid, Space Finco, Inc. and Space Mergerco, Inc., a Fundamental Change and a Make-Whole Fundamental Change (each as defined in the Indenture) occurred under the Indenture on February 5, 2025.