Update on Advaxis Announces 1-for-125 Reverse Stock Split and Decrease in Authorized Shares of Common Stock
July 16 2013 - 8:45AM
Business Wire
Advaxis, Inc., (OTCQB: ADXS and ADXSD), a leader in developing
the next generation of immunotherapies for cancer and infectious
diseases, announced that the closing price of its stock was $5.87
on July 15, 2013, the first day of trading on a post reverse split
basis, an increase of approximately 20% from the previous closing
price of $4.875. This release updates the release “Advaxis
Announces 1-for-125 Reverse Stock Split and Decrease in Authorized
Shares of Common Stock” issued Monday, July 15. The original
release follows:
Advaxis, a leader in developing the next generation of
immunotherapies for cancer and infectious diseases, announced today
a 1-for-125 reverse stock split of its common stock and a decrease
in the number of its authorized shares of common stock from
1,000,000,000 to 25,000,000. The reverse stock split and the
decrease in the number of authorized shares of common stock were
authorized by Advaxis’ stockholders at the annual meeting of
stockholders held on June 14, 2013.
Advaxis’ shares of common stock will trade on a post-split basis
beginning on July 15, 2013. The ticker symbol will not change
although a “D” will be appended to the trading symbol (ADXSD) for
20 trading days to alert the public regarding the reverse stock
split. The new CUSIP number for Advaxis’ common stock post-reverse
stock split will be 007624 208.
At the effective time of the reverse stock split, every 125
shares of Advaxis’ issued and outstanding common stock will
automatically be combined into 1 issued and outstanding share of
common stock without any change in the par value of the shares.
This will reduce the number of outstanding common shares of Advaxis
from approximately 609 million to approximately 4.9 million.
Additional information can be found in a Form 8-K to be filed with
the Securities and Exchange Commission.
“The reverse stock split does not fundamentally change
stockholder value or the market capitalization of Advaxis, but we
believe increasing the price per share will make our stock more
attractive to a broader range of institutional and other investors
and ultimately increase stockholder value,” commented Thomas A.
Moore, Chairman and Chief Executive Officer of Advaxis.
Proportionate voting rights and other rights of common
stockholders will not be affected by the reverse stock split, other
than as a result of the cashing out of fractional shares.
Stockholders who would otherwise hold a fractional share of common
stock will receive a cash payment in lieu of a fractional share.
The outstanding preferred stock will not be affected by the reverse
stock split.
It is not necessary for stockholders to exchange their existing
stock certificates for new stock certificates in connection with
the reverse stock split, although stockholders may do so if they
wish. Please direct any questions you might have concerning the
reverse stock split to your broker or our transfer agent,
Securities Transfer Corporation, by calling 469-633-0101, ext. 112,
or emailing sanchez@stctransfer.com.
Additional information will also be posted on the Advaxis
website under the “Reverse Stock Split FAQs” tab.
About Advaxis, Inc.
Advaxis is a clinical-stage biotechnology company developing the
next generation of immunotherapies for cancer and infectious
diseases. Advaxis immunotherapies are based on a novel platform
technology using live, attenuated bacteria that are bio-engineered
to secrete an antigen/adjuvant fusion protein(s) that is designed
to redirect the powerful immune response all human beings have to
the bacterium to the cancer itself.
ADXS-HPV is currently being evaluated in four clinical trials
for human papillomavirus (HPV)-associated cancers:
recurrent/refractory cervical cancer (India), locally advanced
cervical cancer (GOG/NCI U.S. study, Clinical Trials.gov Identifier
NCT01266460), head & neck cancer (CRUK study, Clinical
Trials.gov Identifier NCT01598792), and anal cancer (BrUOG study,
Clinical Trials.gov Identifier NCT01671488). Advaxis has over 15
distinct immunotherapies in various stages of development,
developed directly by Advaxis and through strategic collaborations
with recognized centers of excellence such as: the National Cancer
Institute, Cancer Research – UK, the Wistar Institute, the
University of Pennsylvania, the University of British Columbia, the
Karolinska Institutet, and others. For more information please
visit: advaxis.com | Facebook | twitter
| LinkedIn
Forward-Looking Statements
This news release contains forward-looking
statements, including, but not limited to: statements
regarding the attractiveness of the post-split stock to
institutional investors and the ability to increase stockholder
value. These forward-looking statements are subject to a number of
risks, including the risk factors set forth from time to time in
Advaxis' SEC filings, including but not limited to its report on
Form 10-K for the fiscal year ended October 31, 2012, which is
available at http://www.sec.gov. Advaxis undertakes
no obligation to publicly release the result of any revision to
these forward-looking statements which may be made to reflect the
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events, except as required by
law. You are cautioned not to place undue reliance on any
forward-looking statements.
Advaxis, Inc.Diana Moore, 609-452-9814Director, Investor
Relations & Business Developmentdmoore@advaxis.com
Advaxis (QX) (USOTC:ADXSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Advaxis (QX) (USOTC:ADXSD)
Historical Stock Chart
From Jul 2023 to Jul 2024