I have spoken to Tom and Dan today. I contacted them to ask a few questions. I am nothing going to go through everything that was said, as others have posted info already on their conversations.
I do though want to point out 1 thing.
Adxs over the last few years has predominantly obtained funding from lenders rather than Investors. What I mean by this, and clear example of this is Hanover. Shares are sold to them, which they pretty well sell onto the market, causing share price to go down.
Everytime that any good news is issued, we wonder why share price goes down. Well its this type of lending that causes this. Lenders are Lenders, not investors.
Investors keep hold of shares for a longer time, where as lenders are interested in making money quickley from shares that have been given.
Adxs really wants to get away from this type arrangement, they wants investors rather than lenders.
People keep asking for change, well this is change, get away from the toxic financing, and bring on board investors for the longterm.
It's good to read that people seek answers to questions today on June 6, 2013, long after that first proxy surprise. It's important in order to make personal decisions based upon answers to a very complex puzzle and for a very serious matter.
It is completely awesome reading about someone doing more DD now, as opposed to reading someone's frantic concerns as a result of what "could" have happened back in early May with that first proxy.
What if the first proxy "passed" because retail shareholders did not have the majority voting shares ....and the current post's read something like below:
"OMG, the execs and the BOD owned the majority of common shares!!! And we didn't stand a chance to oppose such a proxy at 1:70 1:200 reverse split and the 300,000,000 shares authorized, and the 155,000,000 shares OIP!!!! What do we do now?? Is my investment worthless? Why is the stock falling after the split??? I was down, now i'm down further!! What do I tell my wife (husband)?? This is not fair!!!"
This is business. Continue on with the DD . Eyes wide open. This decision is permanent. And don't forget to revote.
A partnership after Ph2 is what I invested into over the course of many years, and the co should keep their end of the deal. We've limped along with financing for as long as i can remember, and I think it's the co's responsibility to get that non-dilituve deal done and add shareholder value before any mention of "reasonable" r/s.
Which at that point, retail would still have a "fair" chance of owning a majority stake in the company.
I always worry when an advisor to the BOD comes onboard to make radical changes. I've seen it before in a privately held firm. It must be just my luck.
I will continue to vote NO.
cheers and good luck.
(only my thoughts and opinion)
This is very much my opinion from the discussion I had. I did not go over everything as others had already asked and posted response.
Again just my opinion, but I think R/S will be done when share price is higher.
I think, ultimately, yes. Had proxy been announced when share price was higher, w adequate explanation, and no attempt to protect themselves at our expense, probably the reception would have been much, much better. No decision is always bad, and no decision is always good. Their timing could not possibly have been much worse. They have said price was higher when they were first considering it. When another gaffe caused price to lower, they should have held off. As they have also said, most ongoing trials are financed by the institutions where trials happening. The costs should be relatively low. They should have been prudent enough to wait. They should be prudent enough to rein in costs as much as possible. Note that the draws from Hanover have been light recently. As for what to do now, well, I think: wait, get some good results, broadcast them appropriately, do what you can to drive price up again, and THEN, if you cannot achieve better financing through sale of at least part of co., or licensing, then, do it.
james,I and sharehiolders will not approve the reverse on any level,from this position of weakness.Let the BOD get back to work on productivity and creating shareholder value with what they have and let the toxic financing continue until they can bring in a partner of substance and capital. No one who`s been invested here for years should have to lose their shares from MNGT`s incompetence-Let the chips fall where they may because they will never get a reverse split approval at this time,no matter what the ratio.The sooner Tom and Dan realize this the better off we all are.
Reasonable shareholders are not aligned with your extreme position.
Reasonable sharesholders (the majority of us) will approve a revverse if they get the ratio closer to 50:1.... which will get ADXS on the NASDAQ where institutional investors can invest ...and hold the stock. A 50:1 ratio will also ensure a higher pps before they reverse.
With positive results from Phase II announced and the company starting to enter Phase III, they need to get off the OTC so when positive news is announced, institutions can buy and take shares out of the float.
Did you ask ask them why the India trail data hasn't netted a licensing deal? What are we missing? The R/S will not change the trial results, an up listing will not get us a deal. What additional trail results are required by BP?
james, so what you're telling us is that no one wanted to invest in ADXS. Wonder why? ALL they could get was payday lenders and us. So their solution is to F the shareholders who have funded them. There is something wrong with this picture. Vote No, better safe then sorry. Tell them to cancel the meeting and go back to working on behalf of the people who pay their salaries, Shareholders!!!!!!!!
james, how about other alternatives?
- Cancel RS - massive buying after P2 results will move the stock price up.
- Get a partner - that's what you are paid for.
- apply for orphan drug status
- promote the science and success (P2 results already matching best P3 results) - good for the stock...
- When the stock is at 20-25 cents think about RS again, and only if GOOD new will follow right after the RS
BTW - even if stock would be on NASDAQ, it does not mean that they would get better terms of financing.
The problem seems to be "Get a partner"
I refuse to believe that the management missed it. The problem IMHO lies in poor management. No mktg, no pr, so supervision. TM took it upon himself to do the Mktg and the PR. As a result there was no supervision.
Dr. Rothman was ejected but if all the wrong decision were taken by him alone his boss should have been ejected with him. The failures of the India Trial were covered by time and statistics and CIN results stink.
I have the impression that TM wanted a partner but was too busy doing presentations to get it done.
As for now I don't object to RS and 25 mil shares, without them it is going to be a dead horse. At least the Omnibus plan is out. This is the focal point, only the share value is going to make people rich, management, employees and investors.
As to Mktg and PR, a word to the wise, virgins do not fare well in cathouses
I believe you but I also remember TM claiming the benefits of this financing as if one station down the line the financing becomes less toxic. And all the definitions are skewed, these are not lenders.
From lenders you take money do your own dilution when it fits you and pay the lender. One thing, borrowing money this way is difficult and crates an ugly bottom line on the financial report. But look where this pimping got us, as if we needed better financial reports.
That's the toxic financing James. They make 20-25% when the deal is struck on the front end of the deal (don't have to wait for their interest) then when the note expires they make another 20% on the conversion into shares (vs the share price) and then they dump those shares on the market. Plus they work to suppress the share price in advance of the conversion to get even more shares.
Don't let me get started when Warrants are included in the deal.
Explains the venomous bashers/haters on this Message Board. They want to keep raking Advaxis and shareholders over the coals with these arrangements. If Advaxis becomes well capitalized they lose a Guaranteed Income stream.
My lawyer has talked with Tom and I believe his comment was "the gang who could not shoot straight." Voted NO on all items and my lawyer stated today that management changing proxy for some voters and not all voters could be their be problem for Tom.
We need new management. I for one am looking for a way to get new management.
Donjay, are you suggested some of the vocals posters on this board against the RS are actually affiliated with the current toxic financiers? That's pretty disgusting if that's the case. It's unfortunate that this issue brings out the bashers many of us have stood up against over the last couple of years faking that they're on our side now.