Advaxis Reports Will Explore Added Options To Maximize Shareholder Value; Shareholders Approved Proposal 1, Reverse Split Proposal Not Approved

Stockholders approved Proposal 1 in support of Biosight merger

Proposal 2 reverse stock split, a condition for completing the merger of Advaxis and Biosight, was not approved

MONMOUTH JUNCTION, N.J., Dec. 17, 2021 (GLOBE NEWSWIRE) -- Advaxis, Inc. (NASDAQ:ADXS), a clinical-stage biotechnology company focused on the development and commercialization of immunotherapy products, today announced that following the conclusion of its second reconvened special meeting of stockholders on December 16, 2021, it plans to continue to explore additional options to maximize stockholder value. The Company’s Proposal 2 to authorize a reverse stock split, a condition to consummating the Company’s agreed upon merger with Biosight, was not approved at the meeting.

Voting results at the first reconvened special meeting of stockholders held on December 7, 2021 signaled support for the Biosight merger through the approval of Proposal 1, which related to the issuance of shares of common stock of Advaxis to shareholders of Biosight pursuant to the terms of the merger agreement, as well as the change of control resulting from the merger (“merger proposal”). The merger proposal received the requisite stockholder votes by a clear majority of votes cast and, as a result, has passed.

While Proposal 2, the reverse stock split proposal, also received the support of a clear majority of the votes cast, this proposal had a higher vote threshold as a matter of law, requiring the support of the majority of total shares outstanding.  Approval of a reverse stock split as contemplated by Proposal 2 is a condition for completing the merger of Advaxis and Biosight. The Company intends to provide an update on these matters in the near future.