Advaxis, a clinical-stage biotech company developing the next generation of immunotherapies for cancer and infectious diseases, reported the pricing of its public offering of common stock and warrants, and its uplisting to the NASDAQ exchange.
The offering includes 5,750,000 shares of common stock, and warrants to purchase up to an aggregate of 2,875,000 shares of common stock at an offering price of $4 per share and $0.01 per warrant. The warrants have a per share exercise price of $5, 125 percent of the public offering price of the common stock, are exercisable immediately, and expire five years from the date of issuance. The company has granted the representative of the underwriters a 45-day option to purchase up to 862,500 additional shares of common stock and/or warrants to purchase up to 431,250 additional shares to cover over-allotments, if any.
Advaxis intends to use the net proceeds of approximately $23 million received from this offering – expected to close October 22 – to fund its research and development activities and for working capital and general corporate purposes, including the repayment of certain indebtedness and other liabilities.
Advaxis shares and warrants began trading on The NASDAQ Capital Market under the symbols ‘‘ADXS’’ and ‘‘ADXSW,’’ respectively, this morning.
Advaxis has filed with the SEC a registration statement on Form S-1 relating to the shares and warrants.
For more information visit: www.advaxis.com
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