ADXS - Advaxis proposes $20M registered direct offering

Advaxis (ADXS) has entered into definitive agreements with two healthcare-focused, institutional investors for the purchase of shares and warrants, with a $20M registered direct offering priced at-the-market.The agreement is for the purchase of (i) 17.58M shares, (ii) 7.67M pre-funded warrants and (iii) registered share purchase warrants for 11.24M shares.Each share and accompanying share purchase warrant are being sold together at a combined offering price of $0.7921, and each Pre-funded Warrant and accompanying warrant are being sold together at a combined offering price of $0.7911.Company plans to use the net proceeds to fund its continued research and development initiatives in connection with expanding its product pipeline including, investment in its ADXS-HOT program and for general corporate purposes.The company also said it may also use a portion of the net proceeds to acquire or invest in other businesses, products and technologies.Shares down 9% premarket.

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Advaxis proposes $20M registered direct offering