Biotech Values

[DewDiligence]

Re: ADXS share count (updated)

Today, ADXS swapped 12.9M warrants exercisable at $1.50 for common shares on a 1:1 basis with no cash changing hands—a transaction that looks like a simple giveaway to the warrant holders:

https://www.sec.gov/Archives/edgar/data/1100397/000149315219003298/form8-k.htm

As a result of this transaction, ADXS’ fully-diluted share count remains unchanged at 90.0M (#msg-147502819), but the basic share count has increased from 69.7M to 82.6M.

The wording in today’s 8-K filing implies that the swap transaction is a prelude to some sort of financing, which will presumably be one without new warrants. I've never seen such a maneuver.