By Devika Patel
Knoxville, Tenn., July 20 - Advaxis, Inc. said it entered into an agreement for a $7.5 million three-year investment commitment with Optimus Capital Partners, LLC.
Advaxis will sell series B preferred stock to the investor in tranches at a price of $10,000 per preferred. The preferreds will not be convertible into common stock and may be redeemed at any time.
Dividends on the series B preferreds accrue at the rate of 10% per year.
Optimus also will receive warrants for 40.5 million shares.
Proceeds will be used as working capital and for clinical activity.
Based in North Brunswick, N.J., Advaxis is focused on developing cancer vaccines.
| Issuer: | Advaxis, Inc.
|
| Issue: | Series B preferred stock investment agreement
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| Amount: | $7.5 million
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| Tenor: | Three years
|
| Price: | $10,000
|
| Dividends: | 10%
|
| Call option: | At any time
|
| Warrants: | For 40.5 million shares
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| Investor: | Optimus Capital Partners, LLC
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| Pricing date: | July 20
|
| Stock symbol: | OTCBB: ADXS
|
| Stock price: | $0.18 at close July 19
|
| Market capitalization: | $28.78 million
|
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