On April 15, 2021 Avid Bioservices, Inc. (NASDAQ: CDMO) (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, reported that it has completed the redemption of all of the company’s outstanding 10.50% Series E Convertible Preferred Stock ("Series E Preferred Stock") as of April 12, 2021 (the "Redemption Date") (Press release, Avid Bioservices, APR 15, 2021, View Source [SID1234578077]).

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In a press release dated March 10, 2021, the company announced its intention to utilize a portion of the proceeds from its recent offering of exchangeable senior notes to redeem all of the company’s outstanding Series E Preferred Stock. Each share of Series E Preferred Stock was redeemed at a redemption price equal to the liquidation amount of $25.00 per share plus accrued and unpaid dividends per share up to, but excluding, the Redemption Date. As a result of the completed redemption, the Series E Preferred Stock is no longer outstanding nor listed as CDMOP on the NASDAQ Stock Market.