Sole bookrunner Aegis Capital sells 5.75 million common-share units
By Devika Patel
Knoxville, Tenn., Oct. 16 - Advaxis Inc. said it priced a $23 million public offering of units with a 45-day $3.45 million greenshoe.
The company will sell 5.75 million units of one common share and a half-share warrant at $4.00 per unit. Each whole warrant will be exercisable at $5.00 for five years. The strike price is an 8.26% discount to the Oct. 15 closing share price of $5.45 and is also 125% of the per-unit price, the company noted in a press release.
Aegis Capital Corp. is the sole bookrunner.
Settlement is expected Oct. 22.
Proceeds will be used for research and development, working capital and general corporate purposes, including debt and liability repayment.
Advaxis is a biotechnology company based in Princeton, N.J., that is developing cancer vaccines.
| Issuer: | Advaxis Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $23 million
|
| Greenshoe: | $3.45 million
|
| Units: | 5.75 million
|
| Price: | $4.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $5.00
|
| Bookrunner: | Aegis Capital Corp.
|
| Pricing date: | Oct. 16
|
| Settlement date: | Oct. 22
|
| Stock symbol: | OTCBB: ADXS
|
| Stock price: | $5.45 at close Oct. 15
|
| Market capitalization: | $27.61 million
|
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