There was no news about biotech company Advaxis Inc (NASDAQ: ADXS) in the past week, but that hasn’t stopped investors from raging on the stock in droves. The trend was the same on Thursday, when Advaxis stock jumped another 7% and soared its gains up to 20% over the past week.
The rally in the stock could be related to an important announcement made by Advaxis on Aug. 11 regarding its hearings on the Nasdaq Hearings Panel. The panel decided to grant the company an extension until November 22, 2021, during which it must comply with the NASDAQ’s USD 1 minimum bid price rule for its shares.
In addition, Advaxis would also have to complete the acquisition of Biosight Ltd within this period. Advaxis announced on July 6 of this year that it had reached an agreement on the merger with the private Israeli pharmaceutical company Biosight.
According to NASDAQ’s eligibility rules, once the above merger is complete, the company would have to comply with all eligibility rules.