"I would still sell the company before doing an offering"
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I hear you, and agree that if the BOD got an offer to sell the company now for between $7 - $10 per share, they'd probably do it.
IMO, an offer like that as ADXS sits at $1.40ish may not be in the cards, so Ken may be forced to play a longer game.
If he's forced to play a longer game, he may conclude that issuing 20Mish shares at $1.25 and raising $25M may be the best long term path forward.
If that unfolds, in less than 12 months ADXS will have 70M shares issued and IMO will announce great initial NEO data, and maybe great Initial HOT data (if they can get the first patient treated by end of 2018).
From there, a partnership with $25M-$100M upfront for any HOT construct should be more than doable, which IMO will get the market cap back to $300Mish. Divide that by 70M shares issued and pps is $4+ (triple from current levels) and will be trending higher. From there, buyout at $10+ is more than doable. Not a bad outlook and not that far away.