Ayala Pharmaceuticals Inc (ADXS)

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One factor that could potentially slightly lower the buyout price is the clinical hold. The majority of ADXS' management team seemingly has been pushed out of the company already, allegedly as part of some change of control in the works. However, if the buyout had not been finalized, the buyer could take the stance, we will wait until the clinical hold is resolved. ADXS make take the counter position, we have only a shell of our management team now, we need to finalize the deal as soon as possible to put your people in place. The buyer may take the hard line and say, given the risk of the clinical hold, we will sign now before the hold is resolved only at a buyout price of $8. All said, I think it would pass, given we are at $1.69 currently and the alternative to a buyout is for ADXS to do another crippling dilution, this time at $1.50.