Nasdaq Grants Advaxis, Inc. an Extension to December 20, 2021, to Complete Merger Transaction with Biosight, Ltd. and Satisfy Initial Listing Requirements
MONMOUTH JUNCTION, N.J., Nov. 22, 2021 (GLOBE NEWSWIRE) -- Advaxis, Inc. (Nasdaq: ADXS) (“Advaxis” or the “Company”), a clinical-stage biotechnology company focused on the development and commercialization of proprietary Lm-based antigen delivery products, announced that it has received a letter from the Nasdaq Hearings Panel (the “Panel”) providing Advaxis an extension through December 20, 2021, to complete its business combination with Biosight, Ltd. (“Biosight”) and demonstrate compliance with all applicable requirements for initial listing on The Nasdaq Capital Market.
On July 6, 2021, Advaxis announced that it had entered into a merger agreement with Biosight, a privately held, Israel-based pharmaceutical company developing innovative therapeutics for hematological malignancies and disorders. On July 29, 2021, Advaxis attended a hearing before the Panel, to address the Company’s non-compliance with the $1.00 bid price requirement for continued listing on The Nasdaq Capital Market. By decision dated August 9, 2021, the Panel granted the Company an exception through November 22, 2021, to complete the merger with Biosight and evidence compliance with all applicable initial listing criteria.
Pursuant to the Nasdaq Listing Rules, the combined company will be required to meet all applicable initial listing requirements for The Nasdaq Capital Market upon the closing of the merger, including the $4 per share price requirement. While there can be no assurance, the Company believes that it will be able to close the merger and demonstrate compliance with all applicable requirements for initial listing on The Nasdaq Capital Market on or before December 20, 2021.
The Company’s special meeting of stockholders relating to its proposed merger with Biosight, initially held on November 16, 2021, has been adjourned to December 7, 2021, at 10:00 AM Eastern Time unless postponed or adjourned to a later date, in order to obtain the stockholder approvals necessary to complete the merger and related matters. Advaxis stockholders will be able to attend and participate in the Advaxis special meeting online by visiting www.virtualshareholdermeeting.com/ADXS2021SM where they will be able to listen to the meeting live, submit questions and vote.
How to Vote
To vote, or if you have already voted and would like to change your vote, or if you have any questions or need assistance voting your shares, please call the firm assisting us with the solicitation of proxies:
About Advaxis, Inc.
To learn more about Advaxis, visit www.advaxis.com and connect on Twitter and Facebook.
Important Information about the Merger and Where to Find It
Completion of the proposed transactions is subject to approval by the stockholders of Advaxis, Inc. and certain other conditions. The proposed business combination is expected to close shortly after the special meeting assuming all conditions are met.
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