FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Hancock Richard B 2. Issuer Name and Ticker or Trading Symbol Avid Bioservices, Inc. [ CDMO ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)__X__ Director                    _____ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)          (First)          (Middle)
2642 MICHELLE DRIVE, SUITE 200
3. Date of Earliest Transaction (MM/DD/YYYY)
6/24/2022
(Street)
TUSTIN, CA 92780
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, $0.001 par value  6/24/2022    M    13  A $4.5300  40201  D   
Common Stock, $0.001 par value  6/24/2022    S(1)    13  D $16.0000  40188  D   
Common Stock, $0.001 par value  6/24/2022    M    1198  A $4.670  41386  D   
Common Stock, $0.001 par value  6/24/2022    S(1)    1198  D $16.0192 (2) 40188  D   
Common Stock, $0.001 par value  6/24/2022    S(1)    1252  D $16.0184 (2) 38936  D   
Common Stock, $0.001 par value  6/27/2022    M    3802  A $4.6700  42738  D   
Common Stock, $0.001 par value  6/27/2022    S(1)    3802  D $16.0662 (3) 38936  D   
Common Stock, $0.001 par value  6/27/2022    S(1)    3735  D $16.0649 (3) 35201  D   

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy)  $4.5300  6/24/2022    M (1)       13    (4) 5/7/2026  Common Stock  13  $0.0000  228874  D   
Stock Option (right to buy)  $4.6700  6/24/2022    M (1)       1198    (5) 11/27/2027  Common Stock  1198  $0.0000  227676  D   
Stock Option (right to buy)  $4.6700  6/27/2022    M (1)       3802    (5) 11/27/2027  Common Stock  3802  $0.0000  223874  D   

Explanation of Responses:
(1)  The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on October 15, 2021.
(2)  Represents a weighted average sales price per share. These shares were sold at prices ranging from $16.00 to $16.04. The Reporting Person has provided to the Issuer, and hereby undertakes to provide the SEC staff or a security holder of the Issuer, upon request, information regarding the number of shares sold at each respective price within the range set forth in this footnote.
(3)  Represents a weighted average sales price per share. These shares were sold at prices ranging from $16.00 to $16.10. The Reporting Person has provided to the Issuer, and hereby undertakes to provide the SEC staff or a security holder of the Issuer, upon request, information regarding the number of shares sold at each respective price within the range set forth in this footnote.
(4)  Stock option granted to the reporting person on May 2, 2019, vests in four (4) equal annual installments beginning May 7, 2020 and each year thereafter until fully-vested, subject to the reporting person's continuous service to the Issuer on such vesting dates.
(5)  Stock option granted to the reporting person on November 27, 2017 vested monthly over a three (3) year period and was fully vested as of November 27, 2020.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Hancock Richard B
2642 MICHELLE DRIVE, SUITE 200
TUSTIN, CA 92780
X



Signatures
/s/ Stephen Hedberg, by Power of Attorney for Richard B. Hancock 6/28/2022
**Signature of Reporting Person Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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