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What do you think is taking so long? Is this just a completely bungled offering while the underwriters are telegraphing to the market the desperation within Advaxis?
The adding of warrants says it all to me that there are no buyers. Their market cap is half their cash value and dropping. This is getting unbelievable that they're still trying to raise.
These guys are literally trying to raise money at half their cash value (negative EV) while also giving them warrants. How is this even allowed? I don't care how bullish you are, this is unfathomable...
Keith, what do you think is going on here?
This is 9 cents pre r/s. They just added 0.5 warrants per share on top of the prior s-1 and trying to raise more money than the entire market cap of the company. This is diaastrous.
I agree that pre funded could potentially convert the warrants they get with pre funded warrants but again the max threshold would cause issues unless they immediately sold them or made room to sell them, which would make no sense at a price lower than what they would have to pay for them in order to convert to a share.
So another assumption. Also, why couldn't they just sell the purchased warrants instead of exercising?
Bottom line: There's nothing different between this s-1 and the last s-1 other than they bungled the last one and had to add additional free warrants into the mix. This IS a discount to the prior s-1 contrary to what you said. Kenny got played again and had to give more.
This is ruinous to all LTSH.
Yes but not at a discount as some thought so maybe reason why share price has recovered a bit.
Not at a discount? The discount is the warrant, it has value, and it's now included with the purchase of either shares.
And again if you are a purchaser of the pre funded warrants you can exercise the warrants you would get with these either until you are able to convert the pre funded warrants to shares.
We don't even know the amount of pre-funded warrants, if any at all, are being purchased? Also, where does it say the pre-funded warrants need to be exercised before the purchase warrants can be exercised? Is that just how you've deduced it because of possible 10% ownership limit?
They added warrants to the mix though, real ones. Pathetic.
LOL! This has been said a million times over. It's a terrible stance.
Sell the company for what you can get. They can't run it like this. Or even reverse-merger but they don't seem to want to do that. This is insanity for current shareholders.
Someone that thinks they can make money on either manipulating the share price or selling off the assets. Advaxis is literally selling the company right now to these people. It's unbelievable and not in the interest of current shareholders. Shut it down and give the money back.
Shut the company down already.
They should be sold today for whatever they can get. Total disaster.
The excuses and spinning of everything is getting so old.
They obviously have nothing and are selling the company outright at these levels for literally nothing and continuing this charade. The company can't fund their own plan. This is insanity and in no way to the benefit of current shareholders.
Does anything make sense with this company?
Why did they give 12 million shares away for free?
How about the shares management bought... it was a good sign right?
Very well said. Agree completely.
They have zero debt so would it technically be a bankruptcy filing or just a shutdown? They have cash to pay the trials for now and their employee roster. We'll see soon.
I have to believe they'll be showing some data before the offering. Without "regular" warrants there will be no one buying this thing for any reasonable amount of money. That's just what I think.
Welp, that hold didn't last long. Down to $1.79 or less than $0.12 pre r/s. Company has been an utter disgrace for all shareholders.
Ken would like 1 more year of salary at $500k/year with a good chance at a bonus when he finally dumps the business. Can ya blame him? What a gig.
Amount or damage/dilution? What’s the difference.
Of course they couldn’t raise the 250mm listed from the prior s-3 even if they wanted to.
0.13$ pre r/s
Except they're not diluting and selling the company for peanuts every 6 months. When Advaxis is on it's fourth dilution in 2 years with everyone being at a new all time low, that's when you question everything about this company and how it's been ran.
Also add in there 2 reverse splits in 5 years.
I wonder if it's Sid/Doc/Roni that will be buying all these warrants. Take control of the company and then sell it. Finish what they started...
Just pondering
Yes - I know the required forms to file when crossing 5% (+) ownership in a public company.
Yeah, what investors have ownership restrictions? None that comes to mind.
That was the question - so you know there's no limitation of a fund/investment group in their (%) ownership of a company that may be investing here. If that's the case then it does sounds like it is to avoid public filing, and if the investment is large enough, to not be responsible to shareholders and any other affiliate requirements that come along with it
Bottom line: they're about to sell a huge chunk of this company for peanuts and at an all time low.
This means that someone wants to acquire a big chunk of the company without immediately reporting it. The question is, why? Think of the most likely reason.
Depends on if you think the explanation below is true or not... Owning 10% of this company will be peanuts at this price point.
"The purpose of using pre-funded warrants is to provide investors that have restrictions on their ability to own a company’s securities above a designated ownership threshold (typically, 9.99% or 19.99%) with the opportunity to invest additional capital without violating the investor’s ownership restrictions"
Any chance we see a reputable buyer of these shares/pre-funded warrants?
Also, after looking at the S-1 more closely, the pre-funded warrants aren't really warrants at all. They look like a technical tool to keep investors ownership under a certain amount post offering...
They even have a copy of their pipeline diagram from their presentation in the filing showing HOT NSCLC being in Phase2. LOL!
The funding at this market cap is still not going to justify the continuation of this company as is. It's too costly to run this company using dilution.
Thank you for breaking that sham PR down for what it is, a SHAM!
Not to mention, wasn't the winding down of AXAL supposed to have happened nearly a year ago? Pretty sure this PR is exactly what he [Ken] said last year before changing his mind and blowing millions to keep AXAL around for another 9 months, only to kill it in the end. EMA filing? Millions of dollars spent only to see that ended too. AXAL Dual? Another sham. I'm starting to see a trend here.
Yes, and HOT, announced years ago to only now be getting into clinical while management continues to sing its praises and pretend its neo-antigen program will be the savior. Desperation if you ask me.
The only leadership position being pursued is Ken's track record of shuttering 2 public companies within a time span of only a couple years. This company can't survive without outside money and no one is buying.
Or you get diluted into oblivion where if something eventually does happen you're already toast anyways.
The only people that have benefitted from ADXS in the last 3 years are the employees, the BOD and the warrant holders that received 12 million free shares for partaking in the prior dilution. Still shocked that warrant exchange transpired under the ruse that it was a strategic move for the company. There is no question this company is LOST.
Since they've been incapable of finding a partner over the last 3 years (dropping P3/lost AMGN) I'm all for them shutting down, selling the company, and giving the cash on hand back to shareholders. I know that'll never happen but it should. I don't see any way they'll be able to execute their gameplan with this behemoth using dilution alone, which is all they've done for years.
I'm now worried this will be just another ROSG for Ken. Run it to zero and bail.
Look at the bright side guys....
Advaxis pulled the plug on their only Phase III trial and the stock barely went down!! It doesn't take a rocket scientist to see that that means it's been at the bottom for awhile now!! Good time to BUY!!!
Lol yeah and in the last 30 days alone we've gone down nearly 25%. There's no bottom yet.
Adxs never said why the FDA didn't approve an early data read out....My guess is they couldn't wait for the decision or even if they could they wouldn't make it till the data could be read.
And they wasted millions of dollars over the last 9 months figuring that out. Unbelievable.
At least the company was quick to update their corporate presentation this time and changed their designation in the filings to a CLINICAL STAGE biotechnology company instead of the late stage designation.
My oh my, all that money.... 20 years and back to clinical we go.
Ken should have cancelled it last year like he said he was going to. Unbelievable. But no, this management is fine. So much money wasted leading people to believe something was there. This company can't seem to get anything right with costly blunders continuing to pile up.
$17 million market cap company burning $45 million a year with 6 months cash after 3 massive dilutions over the last 16 months... reckless?
Risk/reward is still not enough to get investors interested.
If it is worth 500 million this share price should be at least 15-20$, but its not. Why do they state this and at the same time say they are trying to offload.
To keep you and I guessing and to keep retail heavily involved.
Wrong: Ken didn't use warrants in the last raise
I do agree the warrant exchange was for the offering and that lowered the "real" price of the shares accordingly. No one gives away 12 million shares for nothing.
I meant no new warrants were issued and I'm willing to bet they'll be everywhere in the next dilution.
This time, IMO, the next capital raise (whenever it comes) will include warrants with a 5 year term. Shares likely issued at a discount, with free warrants thrown in to entice buyers.
I keep forgetting Ken didn't use warrants in the last raise as he saved those for later. In retrospect, given our current market cap and direction, they probably would have been better utilized during the last round though.
Good job selling btw. Your ability to read between the lines and make decisive decisions has served you well with this stock. GL
Turn away for a second and you're down another 5-10% on a no news day. It just never ends.
They honestly shouldn't have even held the CC. I guess it was enough to get some to sell. If they're eyeing diluting next then I agree those comments weren't useful to the cause.
Next dilution, $5 - $10 million?
Broke under $2.50. How long until $2?
End of June.
So people should be selling this stock instead of buying. Got it!
People bailed and there are no buyers - that's all there is to it.
The short cartel could have been BURNED a long time ago had Advaxis executed and made deals and hit deadlines. Regardless if deals were there or not they certainly hinted at them and said they'd be partnering AXAL. That never happened so the stock just kept declining. Shorts are everywhere and for Advaxis to pretend they'd have a piggy bank forever was foolish.
Someone or some entity hates Advaxis - perhaps the board members because now that DOC is gone, it just can't cut a break
No one hates Advaxis! This game is not personal, but ADXS has been easy money for shorts the last few years so that's what we get.
I was mostly referring to how they've managed their finances over the last few years. The bet on the science is another part and i agree, but they managed to limit their ability to fund these trials to any meaningful point.
Plus at a $20mm market cap, even if they warranted up and sold 1/2 the company they wouldn't net much more than 3 months worth of cash.
Half their business plan won't even see the light of day if they continue as is... still in shock at how poorly this thing has been ran.