ADXS - Advaxis wins shareholder approval for Biosight merger

Updating the outcome of its second reconvened special meeting of stockholders, Advaxis (NASDAQ:ADXS) announced that the company’s investors approved its proposal for merger with Biosight by a clear majority of votes. However, a second proposal to authorize a reverse stock split — a condition for completing the merger — was not approved at the meeting. While this proposal also received a clear majority of the votes, it had a higher vote threshold according to law, “requiring the support of the majority of total shares outstanding,” Advaxis (ADXS) noted. With the latest results, the company said it planned to “continue to explore additional options to maximize stockholder value.” Advaxis (ADXS) shares have gained ~12.6% in the pre-market. Read more on the merger deal between Advaxis (ADXS) and Biosight, as announced by the companies in July.

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Advaxis wins shareholder approval for Biosight merger