Kahn Swick & Foti, LLC and Monteverde & Associates PC announce that, on March 28, 2022, Advaxis, Inc. issued a Supplemental Proxy Statement that includes additional clarifying information about how to vote regarding Proposal No. 1 (the Reverse Stock Split), which will be voted on at the Special Meeting of Stockholders scheduled for March 31, 2022.
Specifically, the Proxy statement clarifies that, if you prefer that Proposal No. 1 (the Reverse Stock Split) not be approved, you should cast your vote against the proposal. That is because approval of Proposal No. 1 requires the affirmative vote of the holders of a majority of the outstanding voting power of Advaxis Common Stock and Preferred Stock entitled to vote on the proposal, voting as a single class, assuming a quorum is present. Since the Preferred Stock has 30,000 votes per share on Proposal No. 1, the failure of a share of Common Stock to be voted will effectively have no impact on the outcome of the vote. However, votes of the shares of Preferred Stock, when cast, are automatically voted in a manner that “mirrors” the proportions on which the shares of Common Stock (excluding any shares of Common Stock that are not voted) are voted on Proposal No. 1. Therefore, shares of Common Stock voted against the proposal will have the effect of causing the proportion of Preferred Stock voted against the proposal to increase accordingly and vice versa.
The Supplemental Proxy Statement issued on March 28, 2022 is located here:
The Definitive Proxy Statement is located here:
As a reminder, the Special Meeting will be held entirely online. You will be able to attend and participate in the Special Meeting online by visiting http://www.virtualshareholdermeeting.com/ADXS2022SM on March 31, 2022, beginning at 10:00 am, local time.
About Monteverde & Associates PC
We are a national class action securities litigation law firm that has recovered millions of dollars and is committed to protecting shareholders from corporate wrongdoing. We were listed in the Top 50 in the 2018-2021 ISS Securities Class Action Services Report. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.