There has been no news about the biotech firm Advaxis Inc (NASDAQ:ADXS) in the past week but that has not stopped investors from piling on to the stock in droves. The trend was the same on Thursday as the Advaxis stock jumped by another 7% and took its gains over the course of the past week to as much as 20%.
The rally in the stock may be related to a key announcement from Advaxis back on August 11 with regards to its hearings at the Nasdaq Hearings Panel. The panel decided to award the company an extension up until November 22, 2021 within which it would need to comply with the $1 minimum bid price rule of NASDAQ for its stock.
In addition to that, Advaxis would also need to complete its acquisition of Biosight Ltd within that deadline. It was back on July 6 this year that Advaxis had made the announcement that it reached an agreement with regards to the merger with the privately held Israeli pharmaceutical firm Biosight.
As per the listing rules of NASDAQ, the company would need to comply with all the listing rules after the closing of the aforementioned merger.