Advaxis (ADXS) has released an update to notify the public and investors about the unregistered sales of equity securities.
Ayala Pharmaceuticals, Inc. issued $4.0 million in Senior Convertible Promissory Notes and amended previous notes to align with new terms, allowing lenders to convert these notes into common stock shares at a reduced price. Notably, on February 7, 2024, noteholders and warrant holders exercised their rights, converting notes and warrants into over 30 million shares at 50% of the stock’s value from November 16, 2023. This action, exempt from typical registration requirements, indicates a significant shift in the company’s shareholder composition and reflects a strategic financing move.
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For a comprehensive understanding of the announcement, you can read the full document here.
