ADVAXIS, INC. (NASDAQ:ADXS) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On September 11, 2019, Advaxis, Inc. (“Advaxis”) received written notice from the staff (the “Staff”) of the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that Advaxis was not in compliance with Nasdaq Listing Rule 5450(b)(1)(C) because Advaxis’ Market Value of Publicly Held Shares (“MVPHS”) has been below $5,000,000 for the last 30 consecutive business days. Nasdaq calculates MVPHS based on the last reported principal stockholders table (which Advaxis filed on July 24, 2019) by subtracting from the total shares of common stock outstanding any shares held by officers, directors or any person who beneficially owns more than 10% of the total shares outstanding.
The notification of noncompliance has no immediate effect on the listing or trading of Advaxis common stock on the Nasdaq Global Select Market under the symbol “ADXS,” and Advaxis is currently monitoring the MVPHS and evaluating its alternatives, if appropriate, to regain compliance with this rule. In accordance with Nasdaq Listing Rule 5810(c)(3)(D), Advaxis has 180 calendar days from the date of such notice, or until March 9, 2020, to regain compliance with the minimum MVPHS. To regain compliance, Advaxis’ MVPHS must be at least $5,000,000 for a minimum of 10 consecutive business days during the 180 calendar day compliance period. If Advaxis regains compliance, Nasdaq will provide Advaxis with written confirmation and will close the matter.
If Advaxis does not regain compliance with Rule 5450(b)(1)(C) by March 9, 2020, Nasdaq will provide notice to Advaxis that its common stock will be subject to delisting. In the event of such a notification, Advaxis may appeal the Staff’s determination to delist its securities to a Nasdaq Listing Qualifications Panel (the “Panel”). Advaxis expects that its stock would remain listed pending the Panel’s decision. However, there can be no assurance that, if Advaxis does appeal the delisting determination by the Staff to the Panel, that such appeal would be successful.
About ADVAXIS, INC. (NASDAQ:ADXS)
Advaxis, Inc. is a clinical-stage biotechnology company. The Company’s immunotherapies are based on a platform technology that utilizes live attenuated Listeria monocytogenes (Lm or Listeria) bioengineered to secrete antigen/adjuvant fusion proteins. It is focused on the discovery, development and commercialization of Lm-LLO cancer immunotherapies. The Company’s immunotherapy candidates include Axalimogene filolisbac, ADXS-PSA and ADXS-HER2. Axalimogene filolisbac (ADXS-HPV) is a lead Lm-LLO immunotherapy product candidate for the treatment of human papilloma virus (HPV) associated cancers. ADXS-PSA is an Lm-LLO immunotherapy product candidate designed to target the Prostate Specific Antigen (PSA) associated with prostate cancer. ADXS-HER2 is an Lm-LLO immunotherapy product candidate designed for the treatment of Human Epidermal Growth Factor Receptor 2 (HER2) expressing cancers, including human and canine osteosarcoma, breast, gastric and other cancers.
