Ayala Pharmaceuticals Inc (ADXS)

[James salmon]

Filing today was a registration and not an announcement of another offering, not to say that will not come in the next week, month or year.

What I thought was interesting is the fact that the registration will allow them to sell pre-funded warrants, thus allowing those that already hold the maximum number of shares allowed to purchase these warrants like they were shares but not be able to convert them to shares until sometime later when holder is below maximum allowed percentage. This to me is pretty restrictive in the short to medium term on the purchaser of these warrants unless they expect share price to be higher in the future.