Advaxis Inc. (ADXS) stock plunged during current market trading session. Here’s the update

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BMO Stock
BMO Stock

Advaxis Inc. (NASDAQ: ADXS) stock declined by -2.85% in the current market trading session. Advaxis is a clinical-stage biotechnology business that develops and sells patented Lm-based antigen delivery solutions.

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What is happening?

Advaxis and Biosight Ltd. have stated that they have engaged into a final merger agreement under which Biosight shareholders will become the majority owners of the merged business soon after the deal is completed. The planned merger will establish a public firm that will focus on Biosight’s principal medicine, aspacytarabine, in clinical trials and commercialization (BST-236). At closure, the merged firm should have around $50 million in cash, cash equivalents, and marketable securities. Advaxis will be titled as Biosight Therapeutics and will trade on the Nasdaq Capital Market under the ticker code “BSTX” after the closure, which is scheduled to take place in the second half of 2021.


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However,

The merger of Advaxis and Biosight Ltd. is being investigated by Halper Sadeh LLP, a worldwide investor rights law firm, to see if it is fair to Advaxis shareholders. On a fully diluted basis, Advaxis equity investors will control about 25% of Advaxis common stock and former Biosight equity holders will own approximately 75% of Advaxis common stock when the transaction is completed.

The inquiry is looking at whether Advaxis and its board of directors broke federal securities laws and/or violated their fiduciary duties to shareholders by failing to do things like:

Halper Sadeh LLP may seek extra compensation for Advaxis shares, new disclosures and information about the proposed acquisition, or other remedies and benefits on behalf of Advaxis shareholders.

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