Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal
Year.
On January 26, 2023, the Board of Directors of Ayala Pharmaceuticals, Inc. (the
"Company") determined that a fiscal year ending on December 31 would better
reflect the business cycle of the Company. As a result of that determination,
the Board voted on that date to change its fiscal year end from October 31 to
December 31. December 31 is also the fiscal year end of Old Ayala, Inc., the
accounting acquirer in the Company's recently completed reverse merger
transaction.
Following this change, the date of the Company's next fiscal year end will be
December 31, 2023. Consequently, the Company will file a transition report on
Form 10-Q for the period from November 1, 2022 to December 31, 2022.
Forward Looking Statements
Certain statements contained in this Form 8-K may be considered forward-looking
statements within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995, including statements regarding the transaction involving Old Ayala,
Inc. (f/k/a Ayala Pharmaceuticals, Inc.) and Ayala Pharmaceuticals, Inc. (f/k/a
Advaxis, Inc.) ("New Ayala") and the ability to list the common stock of New
Ayla on Nasdaq. Forward-looking statements generally include statements that are
predictive in nature and depend upon or refer to future events or conditions,
and include words such as "may," "will," "should," "would," "expect,"
"anticipate," "plan," "likely," "believe," "estimate," "project," "intend," and
other similar expressions among others. Statements that are not historical facts
are forward-looking statements. Forward-looking statements are based on current
beliefs and assumptions that are subject to risks and uncertainties and are not
guarantees of future performance. Actual results could differ materially from
those contained in any forward-looking statement as a result of various factors,
including, without limitation: (i) uncertainties as to the ability of New Ayala
to meet the requirements to list its common stock on Nasdaq; (ii) the ability of
New Ayala to integrate Old Ayala's business successfully and to achieve
anticipated synergies; (iii) the possibility that other anticipated benefits of
the transaction will not be realized, including without limitation, anticipated
revenues, expenses, earnings and other financial results, and growth and
expansion of New Ayala's operations, or the anticipated tax treatment of the
combination; (iv) potential litigation relating to the transaction that could be
instituted against New Ayala or their respective directors; (v) the ability of
New Ayala to retain, attract and hire key personnel; (vi) potential adverse
reactions or changes to relationships with customers, employees, suppliers or
other parties resulting from the completion of the transaction; (vii)
legislative, regulatory and economic developments; and (viii) unpredictability
and severity of catastrophic events, including, but not limited to, acts of
terrorism or outbreak of war or hostilities, as well as management's response to
any of the aforementioned factors; Except as required by applicable law, New
Ayala undertakes no obligation to revise or update any forward-looking
statement, or to make any other forward-looking statements, whether as a result
of new information, future events or otherwise.
© Edgar Online, source Glimpses