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  • Advaxis, Inc. (ADXS) Board Withdraws Proxy Statement Proposal To Amend Incentive Plan, Further Reduces Share Capital Proposal 0 comments
    Jun 6, 2013 11:49 AM | about stocks: ADXS

    Advaxis today reports that its board of directors has determined that after discussions with shareholders and other interested parties, it will no longer seek shareholder approval to amend the company's 2011 Omnibus Incentive Plan and will withdraw this proposal from the agenda for its Annual Meeting scheduled for June 14, 2013.

    Advaxis' original proposal was that stockholders approve an amendment to the 2011 Omnibus Incentive Plan to increase the number of shares authorized for issuance under the plan by 155 million shares (on a pre-reverse stock split basis), and then later revised this number to 75 million shares (on a pre-reverse stock split basis). This proposal was included as Proposal No. 4 in Advaxis' definitive proxy statement.

    The company believes that the proposals relating to its certificate of incorporation (Proposal No. 2, the Reverse Stock Split Amendment, and Proposal No. 3, the Authorized Share Decrease Amendment) are more likely to be achieved if Proposal No. 4 is removed from the agenda for its upcoming Annual Meeting.

    "We believe that management and stockholders' interests need to be well aligned," Thomas A. Moore, chairman and CEO of Advaxis, stated in the press release. "We are dropping this proposal so there can be no question about this. We continue to believe that the proxy statement, as supplemented and further amended, is in the best interest of all our stockholders and ask for their support. The board of directors and management of the company strongly urge stockholders to vote in favor of proposals 2 and 3 relating to Advaxis' certificate of incorporation. Doing so will position Advaxis to raise sufficient capital to execute its business plans."

    Advaxis Tuesday said it has revised Proposal No. 3 to now decrease the proposed total number of authorized shares of common stock post-reverse stock split to 25 million shares (the earlier proxy supplementproposed a total number of 50 million shares of common stock post-reverse stock split).

    The company said it believes that shareholder approval of the proposals relating to its certificate of incorporation (Proposal No. 2, the Reverse Stock Split Amendment, and Proposal No. 3, the Authorized Share Decrease Amendment) is more likely to be achieved if the company decreases the total number of authorized shares of common stock on a post-reverse stock split.

    "We have revised Proposal 3 in consideration of feedback received from our stockholders. Votes previously cast 'in favor' do not need to be re-voted. Votes previously cast 'against' can be reversed," Thomas A. Moore, chairman and CEO of Advaxis, stated in Tuesday's press release. "The board of directors and management of the company strongly urge stockholders to vote in favor of this revised proposal. Doing so will position the company to raise sufficient capital to execute its business plans."

    The Annual Meeting of Stockholders of Advaxis will be held June 14, 2013, at 10 a.m., Eastern Daylight Time, at the Princeton Marriott, 100 College Road East, Princeton, New Jersey 08540.

    For more information visit advaxis.com

    Please see disclaimer on the QualityStocks website: disclaimer.qualitystocks.net

    Stocks: ADXS
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