{"schema_version":"secwatch.filing_event.v1","accession":"0001683168-24-001359","form_type":"8-K","ticker":null,"cik":"0000704562","company_name":"Avid Bioservices, Inc.","filed_at":"2024-03-06T23:59:59+00:00","discovered_at":"2026-05-14T18:03:26.704642+00:00","generated_at":"2026-06-05T03:12:04.075181+00:00","sec_items":["2.04","8.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.95,"calibrated_materiality_score":0.95,"confidence":"high","headline":"Avid Bioservices receives acceleration notice on $146M exchangeable notes; may restate prior financials","bullets":["Holder of ≥25% of 1.25% Exchangeable Senior Notes due 2026 declared ~$146M principal and interest immediately due.","Event of default triggered by failure to remove legend and unpaid Additional Interest of 0.5% p.a. (~$1.4M accrued).","Cross-default under Bank of America credit agreement (no outstanding borrowings); seeking waiver.","Company evaluating restatement of quarterly reports and FY2023 10-K for note misclassification and missing interest.","May delay filing Q for Jan 31, 2024; warns it may need to raise funds or face bankruptcy."],"urls":{"canonical":"https://secwatch.observer/filing/0001683168-24-001359","json":"https://secwatch.observer/filing/0001683168-24-001359.json","markdown":"https://secwatch.observer/filing/0001683168-24-001359.md","text":"https://secwatch.observer/filing/0001683168-24-001359.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/704562/000168316824001359/0001683168-24-001359-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/704562/000168316824001359/avid_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-05T03:12:04.075181+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"c2a95b5ee80d3cc69455b9e6871c477a5625cc81","claim":"Avid Bioservices, Inc. reported a default on credit facility of No amounts are outstanding under the Company’s Credit Agreement with Bank of America, N.A..","evidence_excerpt":"As a result of the Acceleration Event, such occurrence also resulted in a cross-default under the Company’s Credit Agreement with Bank of America, N.A. (the “Revolving Lender”)","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/704562/000168316824001359/0001683168-24-001359-index.htm","confidence":0.7,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"No amounts are outstanding under the Company’s Credit Agreement"},{"label":"Counterparty","value":"Bank of America, N.A."},{"label":"Event","value":"default"}],"fact_type":"debt_financing"},{"claim_id":"ddcd765bddc2644c92d9595b093affb796d4aa66","claim":"Avid Bioservices, Inc. faced acceleration on convertible notes of approximately $146.0 million with holder of its 1.250% Exchangeable Senior Notes due 2026 at 2.75% per annum until paid in full maturing due 2026.","evidence_excerpt":"(the “Acceleration Event”). The accelerated amount, inclusive of principal and interest due and payable, as of February 29, 2024, the date of acceleration, was approximately $146.0 million and accrues interest at 2.75% per annum until paid in full. The Company did not receive any notices and was not otherwise made aware of the Event of Default prior to receipt of","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/704562/000168316824001359/0001683168-24-001359-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"approximately $146.0 million"},{"label":"Counterparty","value":"holder of its 1.250% Exchangeable Senior Notes due 2026"},{"label":"Rate","value":"2.75% per annum until paid in full"},{"label":"Maturity","value":"due 2026"},{"label":"Event","value":"acceleration"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}