Advaxis Inc., a Princeton biotech specializing in drugs treating cancer and infectious diseases, announced Friday the full exercise of the over-allotment option granted to recent underwriters.
According to the announcement, the over-allotment option granted to the underwriters allows the purchase of an additional 862,500 shares of common stock, as well as warrants to purchase an additional 431,250 shares at a public offering price of $4 per share.
The over-allotment is part of the company's previously announced underwritten public offering of 5.75 million shares of common stock, and warrants to purchase up to an aggregate of 2.875 million shares of common stock, bringing the total gross proceeds from the offering to approximately $26.5 million before deducting discounts, commissions and expenses. Aegis Capital Corp. is acting as sole book-running manager for the offering, the company said in a statement.
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