"The current warrant holders will become the new warrant holders of next round of dilution after R/S and news pump"
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That's the most likely scenario, IMO. While KB could still surprise me and announce a great deal with $10M+ upfront cash, I think the most likely scenario is...
ADXS approached existing warrant holders for a new round of funding.
Existing warrant holders gave their conditions: The value contained in existing warrants issued and held at $1.50 will be eliminated in exchange for a negotiated number of shares, new warrants will be issued as part of the upcoming financing deal, after the reverse. (If reverse is done at 10:1 and pps stays at .40ish, pps will be $4 after reverse. New warrants likely issued at $5ish. IMO, warrant holders did not want to hold old warrants at $11.50 after 10:1 reverse, and required them to be eliminated - with compensation - and then replaced with lower priced warrants. ADXS does not have leverage to push back if they don't have another source of near-term funding.)
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