Form 4: Avid Bioservices CEO Nicholas Green Sells Shares to Cover Tax Obligations

Avid Bioservices CEO Nicholas Green sold 11,762 shares of common stock on April 30, 2024, to satisfy tax withholding obligations related to the vesting of restricted stock units.

Summary

• On April 30, 2024, Nicholas Green, the President & CEO of Avid Bioservices, Inc., sold 11,762 shares of the company's common stock.
• The sale was executed at a weighted average price of $7.3991 per share, with individual sales prices ranging from $7.33 to $7.40.
• This transaction was conducted to cover tax withholding obligations associated with the vesting of restricted stock units (RSUs) on April 9, 2024.
• Following the transaction, Green directly owns 203,606 shares of Avid Bioservices stock.

Sentiment

Score: 5

Explanation: The document describes a routine transaction (stock sale for tax obligations) and doesn't convey any particularly positive or negative sentiment.

Industry Context

Sales of shares to cover tax obligations upon vesting of restricted stock units are a common practice among corporate executives. This transaction is a routine part of executive compensation and does not necessarily indicate a change in the executive's confidence in the company.

Stakeholder Impact

• The sale of shares by the CEO could have a minor, temporary impact on the stock price, but is unlikely to have a significant long-term effect.

Key Dates

Keywords

Avid Bioservices, Nicholas Green, CDMO, stock sale, Form 4, tax withholding, restricted stock units, executive compensation