--- schema_version: "secwatch.filing_event.v1" accession: "0001140361-25-003194" form_type: "8-K/A" ticker: null cik: "0000704562" company_name: "Avid Bioservices, Inc." filed_at: "2025-02-05T23:59:59+00:00" generated_at: "2026-05-27T03:00:15.513148+00:00" event_type: "m_and_a" sentiment: "neutral" materiality_score: 0.9 calibrated_materiality_score: 0.9 confidence: "high" source: SEC EDGAR --- # Avid Bioservices acquired by GHO Capital and Ampersand for $12.50/share in all-cash deal valued at ~$1.1B ## Summary - 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. ## SEC filing metadata - accession: 0001140361-25-003194 - form_type: 8-K/A - cik: 0000704562 - company_name: Avid Bioservices, Inc. - filed_at: 2025-02-05T23:59:59+00:00 - event_type: m_and_a - sentiment: neutral - materiality_score: 0.9 - calibrated_materiality_score: 0.9 - confidence: high - sec_items: 1.01, 2.01, 3.01, 3.03, 5.01, 5.02, 5.03, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/704562/000114036125003194/0001140361-25-003194-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/704562/000114036125003194/ef20042975_8ka.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001140361-25-003194 - JSON: https://secwatch.observer/filing/0001140361-25-003194.json - Plain text: https://secwatch.observer/filing/0001140361-25-003194.txt ## Key facts - Executive change Richard Hancock departed as Director at Avid Bioservices, Inc.. - Action: ceased to be a director - Role: Director source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/704562/000114036125003194/0001140361-25-003194-index.htm - Executive change Esther Alegria departed as Director at Avid Bioservices, Inc.. - Action: ceased to be a director - Role: Director source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/704562/000114036125003194/0001140361-25-003194-index.htm - Executive change Joseph Carleone departed as Director at Avid Bioservices, Inc.. - Action: ceased to be a director - Role: Director source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/704562/000114036125003194/0001140361-25-003194-index.htm - Executive change Catherine Mackey departed as Director at Avid Bioservices, Inc.. - Action: ceased to be a director - Role: Director source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/704562/000114036125003194/0001140361-25-003194-index.htm - Executive change Gregory Sargen departed as Director at Avid Bioservices, Inc.. - Action: ceased to be a director - Role: Director source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/704562/000114036125003194/0001140361-25-003194-index.htm - Executive change Daniel Hart was appointed as Director at Avid Bioservices, Inc.. - Action: appointed - Role: Director source text: Following the Effective Time, Nicholas Green remains a director of the Company and Daniel Hart was appointed a director of the Company. evidence_url: https://www.sec.gov/Archives/edgar/data/704562/000114036125003194/0001140361-25-003194-index.htm - Executive change Jeanne Thoma departed as Director at Avid Bioservices, Inc.. - Action: ceased to be a director - Role: Director source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/704562/000114036125003194/0001140361-25-003194-index.htm - M&A Transactions 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 source text: (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 evidence_url: https://www.sec.gov/Archives/edgar/data/704562/000114036125003194/0001140361-25-003194-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.