PRINCETON, N.J.–(BUSINESS WIRE)–Advaxis, Inc. (NASDAQ:ADXS), a late-stage biotechnology company
focused on the discovery, development and commercialization of
immunotherapy products, today announced that its Board of Directors has
approved a one-for-fifteen (1-for-15) reverse stock split of its common
stock that will become effective tomorrow, March 29, 2019, upon the
filing of a Certificate of Amendment to its Certificate of Incorporation
with the Secretary of the State of Delaware. Beginning on March 29,
2019, Advaxis’ common stock will trade on the Nasdaq Global Select
Market on a reverse split-adjusted basis under the new CUSIP number
007624307.
As previously disclosed, at the Company’s Annual Meeting of Stockholders
held on February 21, 2019, Advaxis’ stockholders approved a proposal
authorizing the Company’s Board of Directors to effect a reverse stock
split by a ratio of not less than one-for-ten (1-for-10) and not more
than one-for-twenty-five (1-for-25).
The reverse stock split uniformly affects all issued and outstanding
shares of the Company’s common stock. The reverse stock split will not
alter any stockholder’s percentage ownership interest in Advaxis, except
to the extent that the reverse stock split results in fractional shares.
No fractional shares will be issued in connection with the reverse stock
split. Stockholders who would otherwise be entitled to receive a
fractional share will instead receive a cash payment based on the
closing sales price of the Company’s common stock on March 28, 2019. The
par value of the Company’s common stock will remain unchanged at $0.001
per share following the reverse stock split.
The reverse split is expected to bring the closing bid price of the
Company’s common stock well above the $1 per share required to continue
the listing of the common stock on the Nasdaq Global Select Market.
The reverse stock split proportionately reduces the number of shares of
common stock available for issuance under the Company’s equity incentive
plans and proportionately reduces the number of shares of common stock
issuable upon the exercise of stock options and warrants outstanding
immediately prior to the reverse split.
The reverse stock split will reduce the number of shares of common stock
issued and outstanding from approximately 82.6 million to approximately
5.5 million. There is no change to the number of authorized shares under
the Company’s Certificate of Incorporation, as amended.
Continental Stock Transfer & Trust Company, Inc. (Continental) is acting
as the exchange agent and transfer agent for the reverse stock split.
Continental will provide instructions to stockholders with physical
certificates regarding the optional process for exchanging their
pre-split stock certificates for post-split stock certificates and
receiving payment for any fractional shares.
About Advaxis, Inc.
Advaxis, Inc. is a late-stage biotechnology company focused on the
discovery, development and commercialization of proprietary Lm-based
antigen delivery products. These immunotherapies are based on a platform
technology that utilizes live attenuated Listeria monocytogenes (Lm)
bioengineered to secrete antigen/adjuvant fusion proteins. These Lm-based
strains are believed to be a significant advancement in immunotherapy as
they integrate multiple functions into a single immunotherapy and are
designed to access and direct antigen presenting cells to stimulate
anti-tumor T cell immunity, activate the immune system with the
equivalent of multiple adjuvants, and simultaneously reduce tumor
protection in the tumor microenvironment to enable T cells to eliminate
tumors. Advaxis has four programs in various stages of clinical
development: ADXS-HPV for cervical cancer; ADXS-NEO, a personalized
neoantigen-directed therapy for multiple cancers; ADXS-503 for non-small
cell lung cancer, from its ADXS-HOT off-the-shelf neoantigen-directed
program; and ADXS-PSA for prostate cancer.
To learn more about Advaxis, visit www.advaxis.com
and connect on Twitter, LinkedIn, Facebook and YouTube.
Advaxis Forward-Looking Statement
Some of the statements included in this press release may be
forward-looking statements that involve a number of risks and
uncertainties. For those statements, we claim the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. The factors that could cause
our actual results to differ materially include: the success and timing
of our clinical trials, including subject accrual; our ability to avoid
any clinical holds; our ability to obtain and maintain regulatory
approval and/or reimbursement of our product candidates for marketing;
our ability to obtain the appropriate labeling of our products under any
regulatory approval; our plans to develop and commercialize our
products; the successful development and implementation of our sales and
marketing campaigns; the size and growth of the potential markets for
our product candidates and our ability to serve those markets; our
ability to successfully compete in the potential markets for our product
candidates, if commercialized; regulatory developments in the United
States and other countries; the rate and degree of market acceptance of
any of our product candidates; new products, product candidates or new
uses for existing products or technologies introduced or announced by
our competitors and the timing of these introductions or announcements;
market conditions in the pharmaceutical and biotechnology sectors; our
available cash; the accuracy of our estimates regarding expenses, future
revenues, capital requirements and needs for additional financing; our
ability to obtain additional funding; our ability to obtain and maintain
intellectual property protection for our product candidates; the success
and timing of our preclinical studies including IND-enabling studies;
the timing of our IND submissions, the ability to resolve FDA’s partial
clinical hold, the ability to get FDA approval for study amendments, the
timing of data read-outs, the ability of our product candidates to
successfully perform in clinical trials; our ability to initiate,
enroll, and execute pilots and clinical trials; our ability to maintain
collaborations; our ability to manufacture and the performance of
third-party manufacturers; the performance of our clinical research
organizations, clinical trial sponsors and clinical trial investigators;
our ability to successfully implement our strategy; the impact of the
reverse stock split on the market price for our common stock; and other
risk factors identified from time to time in our reports filed with
the SEC. Any forward-looking statements set forth in this press release
speak only as of the date of this press release. We do not intend to
update any of these forward-looking statements to reflect events or
circumstances that occur after the date hereof.
Contacts
Investors:
LHA Investor Relations
Miriam Weber Miller, (212)
838-3777
mmiller@lhai.com