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Avid Bioservices redeems all 10.5% series E convertible preferreds
By Wendy Van Sickle
Columbus, Ohio, April 15 – Avid Bioservices Inc. completed the redemption of all of its 10.5% series E convertible preferred stock at par of $25 apiece plus accrued dividends on April 12, according to a news release.
The redemption was funded using some proceeds from the company’s recent offering of exchangeable senior notes.
Avid Bioservices is a Tustin, Calif.-based biologics contract development and manufacturing organization.
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