Current Report Filing (8-k)
July 31 2020 - 5:18PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
_________________________________
FORM
8-K
_________________________________
CURRENT REPORT
Pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date
of earliest event reported): July 30, 2020
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AVID
BIOSERVICES, INC.
(Exact name of registrant as
specified in its charter)
Delaware
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001-32839
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95-3698422
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(State of other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS
Employer Identification No.)
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2642 Michelle Drive, Suite
200, Tustin, California 92780
(Address of Principal Executive
Offices)
Registrant’s telephone
number, including area code: (714) 508-6100
_________________________________________________________
(Former name or former address, if changed since
last report)
_________________________________
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
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o
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Soliciting material pursuant to Rule 14A-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section
12(b) of the Act:
Title of each Class
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Trading Symbol
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Name of each exchange on which registered
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Common Stock, $0.001 par value per share
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CDMO
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The NASDAQ Stock Market LLC
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10.50%
Series E Convertible Preferred Stock, $0.001 par value per share
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CDMOP
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The NASDAQ Stock Market LLC
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Indicate by check mark
whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐
Emerging growth company
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01
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Entry Into a Material Definitive Agreement.
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The information
set forth under Item 5.02 below is incorporated in its entirety herein by reference.
Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
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On July 30, 2020, Mr.
Richard B. Hancock notified the Board of Directors (“Board”) of Avid Bioservices, Inc. (the “Company”)
that he was resigning as the Company’s interim President and Chief Executive Officer effective as of the close of business
on July 31, 2020. Mr. Hancock is succeeded by Mr. Nicholas S. Green, whose appointment by the Board was previously reported in
the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on June 25,
2020 (the “Prior Current Report”). Mr. Hancock will continue to serve as a member of the Board.
On July 30, 2020, the
Company and Mr. Green entered into an employment agreement (the “Employment Agreement”) containing the terms previously
disclosed in the Prior Current Report. The summary of the terms and conditions of the Employment Agreement, as set forth in the
Prior Current Report, is not complete and is qualified in its entirety by reference to the full text of the Employment Agreement,
which the Company will file with the SEC as an exhibit to its Form 10-Q for the fiscal quarter ended July 31, 2020.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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AVID BIOSERVICES, INC.
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Date: July 31, 2020
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By: /s/ Daniel R. Hart
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Daniel R. Hart
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Chief Financial Officer
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