Advaxis Inc. (ADXS) stock decline by 10.09% in the current market trading after ADXS announced that it has signed a definitive agreement with two healthcare institutional investors. Advaxis, Inc. is a clinical-stage biotechnology company that develops and sells patented Lm-based antigen delivery drugs. These immunotherapies are focused on a framework technology that uses Listeria monocytogenes (Lm) that have been bioengineered to secrete antigen/adjuvant fusion proteins.
25-cent Stock Takes $11T Commodities Sector Digital
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All the details are in the FREE online report you can get here.
What is happening?
On April 12, 2021 ADXS announced it has signed definitive agreements with two institutional investors who are working on healthcare for the purchase of
- 17,577,400 shares of common stock
- 7,671,937 pre-funded warrants to buy 7,671,937 shares of common stock
- And also the registered common share purchase warrants to purchase 11,244,135 shares of common stock.
In a separate private placement, ADXS has agreed to grant unregistered common share purchase warrants to the investors to acquire 14,005,202 shares of ADXS’s common stock. Following a registered direct offering, priced at the market under NASDAQ rules, each share of common stock and associated common share purchase warrant are being offered together at a joint offering price of $0.7921, and each Pre-funded Warrant and accompanying common warrant are being sold together at a joint offering price of $0.7911. The Pre-Funded Warrants are automatically exercisable at a price of $0.001 and can be exercised in whole or in part before all of the Pre-Funded Warrants have been exercised.
The exercise price of the registered common share purchase warrants will be $0.70 per share, they will be automatically payable, and they will expire five (5) years from the date of grant. The unregistered common share purchase warrants will have an exercise price of $0.70 per share, will be exercisable fourteen days after the Company raises its approved share capital, and will expire five (5) years after they are issued.
ADXS has planned to use the funds from the offering to finance ADXS’s ongoing research and development activities in conjunction with increasing its product pipeline, including but not limited to investment in its ADXS-HOT program, as well as for general corporate purposes. A part of the net proceeds can also be used to purchase or invest in other companies, products, or technologies. The Offering’s exclusive placement agent is A.G.P./Alliance Global Partners.