Ayala Pharmaceuticals Inc (ADXS)

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They would have had to disclose a quid quo pro for the warrant exchange by now if there was some agreement with the warrant holders. For example, that the warrant holders would buy a new offering at “x” price. The fact that it hasn’t been disclosed may indicate that the exchange was done for some purposes unrelated to the warrant holders having agreed as such. Unless, that is, ADXS is playing fast and loose with the disclosure rules.