Time will tell what is happening. The mosaic theory is the process of gathering seemingly meaningless bits of information in themselves but piecing them together to determine if a larger story is in play. See definition below. So in itself, it may mean nothing that ADXS has had an interim CEO for nine months and doesn't seem in a hurry to find one even though the stock has collapsed 70%. In itself, it may just be pure coincidence that five execs disappeared from the company's wesbite and the company is not responding to inquiries on it (neither confirming or denying the execs left). In itself, it may be coincidence that the only remaining execs were the three that received retention bonuses during as the company put it "time of transition". In itself, it may mean nothing that the CFO recently wrote an article touting how valuable CFOs to companies in the drug development process, an article which doesn't help ADXS but would potentially help her if she were looking for a new job. But put all these pieces together, and maybe, just maybe...
Regarding your point about the recent dilution, it may have simply been done because the deal had not been finalized in full by the time the company's quarterly reporting ended and if the company had less than a year's worth of cash, from a compliance standpoint an audit would disclose the company is a "going concern" and from a governance standpoint a buyer (Amgen say) would have a hard time justifying paying $XX for a company who had recently become a "going concern."
"Under insider trading laws, analysts may not use material non-public information to help select their trades. But traders might be able to piece together non-material non-public information and material public information into a mosaic, which may increase in value when properly compiled and documented."
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