MINNEAPOLIS--(BUSINESS WIRE)--Punch and Associates Investment Management, Inc. sent a letter today to the Board of Directors of Avid Bioservices, Inc., sharing its views on the proposed acquisition by GHO Capital and Ampersand Capital and announcing its intention to vote AGAINST the proposal. The text of the letter follows:November 14, 2024Dear Directors,Punch & Associates is the beneficial owner of approximately 2.9 million shares of Avid Bioservices, representing 4.5% of the shares outstanding. The current offer gives no value to idle production capacity, medium-term earnings power, or net operating losses. If GHO Capital and Ampersand Capital are unwilling to raise their bid significantly to reflect the asset and earnings value of the company, we are happy to continue as public shareholders. Regards,Howard D. Punch, Chief Investment OfficerPunch & Associates Investment Management, Inc.

Source: Punch November 15, 2024 10:38 UTC