Company sells original issue discount note to investor JMJ Financial
By Devika Patel
Knoxville, Tenn., May 8 - Advaxis Inc. sold an $800,000 convertible promissory note to JMJ Financial for $720,000 in a private placement on April 26, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The one-year note was sold with a 10% original issue discount.
The 5% note will convert to common shares at the lesser of $0.07 or 70% of the average of the lowest two closing prices in the 20-day pricing period preceding a conversion.
Advaxis is a biotechnology company based in Princeton, N.J., that is developing cancer vaccines.
| Issuer: | Advaxis Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $800,000
|
| Maturity: | April 26, 2014
|
| Price: | $720,000 (10% original issue discount)
|
| Coupon: | 5%
|
| Conversion price: | The lesser of $0.07 or 70% of the average of the lowest two closing prices in the 20-day pricing period preceding a conversion
|
| Warrants: | No
|
| Investor: | JMJ Financial
|
| Settlement date: | April 26
|
| Stock symbol: | OTCBB: ADXS
|
| Stock price: | $0.07 at close April 25
|
| Market capitalization: | $29.51 million
|
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