On October 16, 2020, Advaxis reported that entered into private exchange agreements with Anson Investments Master Fund LP and CVI Investments, Inc. (the "Investors") of warrants issued in connection with our January 2020 public offering of common stock and concurrent private placement of warrants (the "Warrants") (Filing, 8-K, Advaxis, OCT 16, 2020, View Source [SID1234568574]). The Warrants being exchanged provide for the purchase of up to an aggregate of 5,000,000 shares of our common stock at an exercise price of $1.25 per share. The warrants became exercisable on July 21, 2020 and have an expiration date of July 21, 2025. Pursuant to such exchange agreements, we agreed to issue 3,000,000 shares of common stock to the Investors in exchange for such Warrants on a 1:0.6 basis.
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In connection with the exchanges, each of the Investors has agreed that, for fifteen (15) days following the exchange, they will limit their daily trading in our common stock to no more than 10% of the cumulative trading volume of the common stock for such date (which cumulative trading volume shall include pre-market, market and post-market trading volume for such date) as reported by Bloomberg, LP.
The exchanges were consummated to ensure that we are well-positioned to take advantage of any strategic, collaboration, financing or other potential transactions in the near future. Except as otherwise disclosed above, no additional shares of common stock have been issued in connection with the exchanges on a fully diluted basis.
The description of the exchange agreements is qualified in its entirety by reference to the full and complete terms of such agreements, the form of which will be filed as an exhibit to our Annual Report on Form 10-K for the year ending October 31, 2020.