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  • Advaxis, Inc. (ADXS) Boosts Share Price With Reverse Split And Decreases Number Of Authorized Shares 0 comments
    Jul 15, 2013 5:54 PM | about stocks: ADXS

    Advaxis, a leader in developing the next generation of immunotherapies for cancer and infectious diseases, today announced a 1-for-125 reverse stock split of its common stock and a decrease in the number of its authorized shares of common stock from 1,000,000,000 to 25,000,000. Both measures were authorized by Advaxis' stockholders at the annual meeting of stockholders held last month.

    "The reverse stock split does not fundamentally change stockholder value or the market capitalization of Advaxis, but we believe increasing the price per share will make our stock more attractive to a broader range of institutional and other investors and ultimately increase stockholder value," stated Thomas A. Moore, Chairman and Chief Executive Officer of Advaxis.

    ADXS common shares are now trading on a post-split basis. The ticker symbol will not change although a "D" will be appended to the trading symbol (ADXSD) for 20 trading days. The new CUSIP number for Advaxis' common stock post-reverse stock split will be 007624 208.

    Every 125 shares of Advaxis' issued and outstanding common stock has been automatically combined into 1 issued and outstanding share of common stock without any change in the par value of the shares. As a result, the number of outstanding common shares of Advaxis has been reduced from approximately 609 million to approximately 4.9 million. Additional information can be found in a Form 8-K to be filed with the SEC.

    Investors should note that proportionate voting rights and other rights of common stockholders will not be affected by the reverse stock split, other than as a result of the cashing out of fractional shares. Shareholders who would otherwise hold a fractional share of common stock will receive a cash payment instead of a fractional share. The outstanding preferred stock will not be affected by the reverse stock split.

    For more information on Advaxis, visit advaxis.com

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

    Stocks: ADXS
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