8-K/A
filed February 5, 2025, 6:59 PM ET
CIK 0000704562
M&A
confidence high
sentiment neutral
materiality 0.90
Avid Bioservices, Inc.: M&A transaction — Avid Bioservices acquired by GHO Capital and Ampersand for $12.50/share in all-cash deal valued at ~$1.1B
Avid Bioservices, Inc.
- Merger completed Feb 5, 2025; shareholders receive $12.50 per share cash, total equity value ~$1.1B.
- Common stock trading halted and will be delisted from Nasdaq; company to file Form 15 to suspend SEC reporting.
- Board reconstituted: prior directors depart; CEO Nick Green remains, Daniel Hart appointed as director.
- $160M 7% convertible notes due 2029: fundamental change repurchase right; make-whole conversion rate increased to 113.7656 per $1,000 principal (approx $1,422 per note).
- GHO and Ampersand plan to accelerate growth with expanded offerings, talent investment, and geographic reach.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Richard Hancock departed as Director at Avid Bioservices, Inc..
- Action
- ceased to be a director
- Role
- Director
Exact text from the filing
Joseph Carleone, Ph.D., Esther Alegria, Ph.D., Richard Hancock, Catherine Mackey, Ph.D., Gregory Sargen and Jeanne Thoma, each of whom was a director of the Company as of immediately prior to the Effective Time, ceased to be a director of the Company and a member of any committee of the Company’s Board of Directors.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Esther Alegria departed as Director at Avid Bioservices, Inc..
- Action
- ceased to be a director
- Role
- Director
Exact text from the filing
Joseph Carleone, Ph.D., Esther Alegria, Ph.D., Richard Hancock, Catherine Mackey, Ph.D., Gregory Sargen and Jeanne Thoma, each of whom was a director of the Company as of immediately prior to the Effective Time, ceased to be a director of the Company and a member of any committee of the Company’s Board of Directors.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Joseph Carleone departed as Director at Avid Bioservices, Inc..
- Action
- ceased to be a director
- Role
- Director
Exact text from the filing
Joseph Carleone, Ph.D., Esther Alegria, Ph.D., Richard Hancock, Catherine Mackey, Ph.D., Gregory Sargen and Jeanne Thoma, each of whom was a director of the Company as of immediately prior to the Effective Time, ceased to be a director of the Company and a member of any committee of the Company’s Board of Directors.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Catherine Mackey departed as Director at Avid Bioservices, Inc..
- Action
- ceased to be a director
- Role
- Director
Exact text from the filing
Joseph Carleone, Ph.D., Esther Alegria, Ph.D., Richard Hancock, Catherine Mackey, Ph.D., Gregory Sargen and Jeanne Thoma, each of whom was a director of the Company as of immediately prior to the Effective Time, ceased to be a director of the Company and a member of any committee of the Company’s Board of Directors.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Gregory Sargen departed as Director at Avid Bioservices, Inc..
- Action
- ceased to be a director
- Role
- Director
Exact text from the filing
Joseph Carleone, Ph.D., Esther Alegria, Ph.D., Richard Hancock, Catherine Mackey, Ph.D., Gregory Sargen and Jeanne Thoma, each of whom was a director of the Company as of immediately prior to the Effective Time, ceased to be a director of the Company and a member of any committee of the Company’s Board of Directors.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Daniel Hart was appointed as Director at Avid Bioservices, Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
Following the Effective Time, Nicholas Green remains a director of the Company and Daniel Hart was appointed a director of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jeanne Thoma departed as Director at Avid Bioservices, Inc..
- Action
- ceased to be a director
- Role
- Director
Exact text from the filing
Joseph Carleone, Ph.D., Esther Alegria, Ph.D., Richard Hancock, Catherine Mackey, Ph.D., Gregory Sargen and Jeanne Thoma, each of whom was a director of the Company as of immediately prior to the Effective Time, ceased to be a director of the Company and a member of any committee of the Company’s Board of Directors.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Avid Bioservices, Inc. underwent a change of control involving Space Finco, Inc. and Merger Sub, owned by funds managed by affiliates of GHO Capital Partners LLP and Ampersand Capital Partners for $12.50 in cash (closed 2025-02-05).
- Action
- change of control
- Counterparty
- Space Finco, Inc. and Merger Sub, owned by funds managed by affiliates of GHO Capital Partners LLP and Ampersand Capital Partners
- Consideration
- $12.50 in cash
- Closing
- 2025-02-05
Exact text from the filing
(subject to any adjustment pursuant to the Indenture, including any increase as a result of a Make-Whole Fundamental Change (as defined in the Indenture)) multiplied by $12.50 (which is an amount equal to the Merger Consideration (as defined below)), and a unit of Reference Property under the Indenture will be comprised of an amount in cash equal to
View on SEC.gov
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