Update on Advaxis Announces 1-for-125 Reverse Stock Split and Decrease in Authorized Shares of Common Stock
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
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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.
Copyright Business Wire 2013