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This Amendment No. 8 (this Amendment) to the Statement on Schedule 13D filed on April 17, 2017, as amended by Amendment No. 1 to the Statement on Schedule 13D filed on May 19, 2017, Amendment No. 2 to the Statement on Schedule 13D filed on July 14, 2017, Amendment No. 3 to the Statement on Schedule 13D filed on October 11, 2017, Amendment No. 4 to the Statement on Schedule 13D filed on October 17, 2017, Amendment No. 5 to the Statement on Schedule 13D filed on October 27, 2017, Amendment No. 6 to the Statement on Schedule 13D filed on November 28, 2017 and Amendment No. 7 to the State on Schedule 13D filed on April 17, 2018 (as amended, the Schedule 13D), filed on behalf of John S. Stafford, III, Ronin Trading, LLC and Roger Farley relates to the Series E Convertible Preferred Stock, par value $0.001 per share (the Preferred Stock), of Avid Bioservices, Inc., a Delaware corporation (the Issuer). The address of the Issuers principal executive offices is 2642 Michelle Drive, Suite 200, Tustin, California 92780. The Schedule 13D is hereby further amended and supplemented as follows:
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Item 5(a) of the Schedule 13D is hereby amended and supplemented as follows:
All of the percentages of beneficial ownership of the Reporting Persons set forth in this Schedule 13D are based on 1,647,760 shares of issued and outstanding Preferred Stock as of July 31, 2019, as reported in the Issuers Form 10-Q for the fiscal quarter ended July 31, 2019, filed on September 5, 2019.
As of the date hereof, Ronin Trading, LLC directly beneficially owns 97,665 shares of Preferred Stock, representing approximately 5.9% of the outstanding shares of Preferred Stock. Mr. Stafford, as the manager of Ronin Trading, LLC, may be deemed to beneficially own the 97,665 shares of Preferred Stock beneficially owned by Ronin Trading, LLC, representing approximately 5.9% of the outstanding shares of Preferred Stock.
As of the date hereof, Mr. Farley directly beneficially owns 1,000 shares of Preferred Stock, representing less than 1% of the outstanding shares of Preferred Stock.
Subsequent to the filing of Amendment No. 7 to the Schedule 13D, the Reporting Persons engaged in the following transactions with respect to the Issuers securities within the last sixty days prior to the filing of this Amendment:
Ronin Trading, LLC
Preferred Stock:
· On October 25, 2019, Ronin Trading, LLC sold 4,641 shares at an average price of $26.6793 per share.
· On October 29, 2019, Ronin Trading, LLC sold 2,266 shares at an average price of $26.5667 per share.
· On October 31, 2019, Ronin Trading, LLC sold 3,810 shares at an average price of $26.4937 per share.
· On November 1, 2019, Ronin Trading, LLC sold 4,030 shares at an average price of $26.6051 per share.
· On November 18, 2019, Ronin Trading, LLC sold 300 shares at an average price of $26.8000 per share.
· On November 19, 2019, Ronin Trading, LLC sold 590 shares at an average price of $26.8000 per share.
· On November 20, 2019, Ronin Trading, LLC sold 100 shares at an average price of $26.6500 per share.
· On November 21, 2019, Ronin Trading, LLC sold 1,897 shares at an average price of $26.4000 per share.
Except as expressly modified hereby, all provisions of the Schedule 13D shall continue in full force and effect.
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