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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WASHINGTON D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">_______________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">FORM 8-K</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURSUANT TO SECTION 13 OR 15(d) OF THE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
<B>July 24, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADVAXIS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Delaware</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of incorporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="1" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0">00028489</TD>
    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0">02-0563870</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">(Commission File Number)</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">(IRS Employer Identification Number)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>305 College Road East</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Princeton, New Jersey 08540</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(609) 452-9813</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT> Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT> Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT> Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01. Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July 24, 2012, the Circuit Court of
the 11th Judicial Circuit in and for Miami-Dade County, Florida (the &ldquo;Court&rdquo;) entered an Order Approving
Stipulation for Settlement of Claim (the &ldquo;Order&rdquo;) in the matter titled Socius CG II, Ltd. (&ldquo;Socius&rdquo;)
v. Advaxis, Inc. (the &ldquo;Company&rdquo;). The Order and the Stipulation for Settlement of Claim, dated July 23, 2012,
between the Company and Socius (the &ldquo;Stipulation&rdquo;), provides for the full and final settlement of Socius&rsquo;s
$2,888,860 claim against the Company in connection with past due invoices relating to clinical trial services, which Socius
purchased from Numoda Corporation pursuant to a Claim Purchase Agreement, dated July 13, 2012, by and between Socius and
Numoda Corporation (the &ldquo;Claim&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the terms of the Order and the
Stipulation, the Company issued and delivered to Socius 11,111,000 shares of the Company&rsquo;s common stock, par value $0.001
per share (the &ldquo;Common Stock&rdquo;), for one-half of the Claim (the &ldquo;First Tranche Settlement Shares&rdquo;) and will
issue and deliver a number of shares of Common Stock as described in more detail below for the remaining half of the Claim on the
twenty-first trading day following the issuance of the First Tranche Settlement Shares (the &ldquo;Second Tranche Settlement Shares&rdquo;), subject to adjustment as set forth
in the Stipulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, pursuant
to the terms of the Stipulation, the number of shares of Common Stock to be issued under the Stipulation as of any given date may
not exceed the number of shares of Common Stock which the Company then has available for issuance on such date (the &ldquo;Share
Cap&rdquo;). If the Company does not have sufficient shares of Common Stock to settle the Claim in full as result of the Share
Cap, such unsettled portion of the Claim shall be reinstated as an outstanding unsecured cash claim against the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the Share Cap, the number of
First Tranche Settlement Shares to be issued to Socius in connection with the Order will be adjusted on the 21st trading day following
the date on which the First Tranche Settlement Shares are issued (the &ldquo;First Tranche True-Up Date&rdquo;), as follows: (i)
if the sum of (x) $0.067 and (y) seventy-five percent (75%) of the arithmetic average of the closing sale price of the Common Stock
on each trading day during such 21 day period (the &ldquo;First Tranche True-Up Measuring Price&rdquo;) is less than the Required
Market Price (as defined in the Stipulation), then the Company shall deliver to Socius such number of additional shares of Common
Stock equal to the difference of (A) the quotient of (x) the fair market value of one-half of the Claim as of the date on which
the First Tranche Settlement Shares were issued, divided by (y) the First Tranche True-Up Measuring Price, less (B) the number
of First Tranche Settlement Shares previously delivered to Socius; and (ii) if, on the First Tranche True-Up Date, the First Tranche
True-Up Measuring Price is greater than the Required Market Price, then Socius shall return to the Company for cancellation such
number of shares of Common Stock equal to the difference of (A) the number of First Tranche Settlement Shares previously delivered
to Socius, less (B) the quotient of (x) the fair market value of one-half of the Claim as of the date on which the First Tranche
Settlement Shares were issued, divided by (y) the First Tranche True-Up Measuring Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the Share Cap, the number of
Second Tranche Settlement Shares to be issued by the Company to Socius on the First Tranche True-Up Date shall be calculated by
dividing the amount of the remaining half of the Claim by the First Tranche True Up Measuring Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the Share Cap, the number of
Second Tranche Settlement Shares to be issued to Socius in connection with the Order will be adjusted on the 21st trading day following
the First Tranche True-Up Date (the &ldquo;Second Tranche True-Up Date&rdquo;), as follows: (i) if the sum of (x) $0.067 and (y)
seventy-five percent (75%) of the arithmetic average of the closing sale price of the Common Stock on each trading day during such
21 day period (the &ldquo;Second Tranche True-Up Measuring Price&rdquo;) is less than the First Tranche True-Up Measuring Price,
then the Company shall deliver to Socius such number of additional shares of Common Stock equal to the difference of (A) the quotient
of (x) the fair market value of one-half of the Claim as of the First Tranche True-Up Date, divided by (y) the Second Tranche True-Up
Measuring Price, less (B) the number of Second Tranche Settlement Shares previously delivered to Socius; and (ii) if, on the Second
Tranche True-Up Date, the Second Tranche True-Up Measuring Price is greater than the First Tranche True-Up Measuring Price, then
Socius shall return to the Company for cancellation such number of shares of Common Stock equal to the difference of (A) the number
of Second Tranche Settlement Shares previously delivered to Socius, less (B) the quotient of (x) the fair market value of one-half
of the Claim as of the First Tranche True-Up Date, divided by (y) the Second Tranche True-Up Measuring Price.The description of
the Order and Stipulation does not purport to be complete and is qualified in its entirety by reference to the Order and Stipulation,
which are filed as Exhibits 10.1 and 10.2, respectively, to this report and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3.02. Unregistered Sales of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information provided in Item 1.01 is
hereby incorporated by reference to this Item 3.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><B>Item 9.01. Financial
Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(d)</TD><TD STYLE="padding: 0; text-indent: 0">Exhibits</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">10.1</TD><TD STYLE="padding: 0; text-indent: 0">Order Approving Stipulation for Settlement of Claim, dated July 24, 2012.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">10.2</TD><TD STYLE="padding: 0; text-indent: 0">Stipulation for Settlement of Claim, dated July 23, 2012.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Dated:&nbsp; July 25, 2012</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify; text-indent: 0">Advaxis, Inc.</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 35%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">By:&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">/s/ Mark J. Rosenblum</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Mark J. Rosenblum</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Chief Financial Officer and Secretary</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 233.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 233.75pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 233.75pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding: 0 0 3pt; font-weight: bold; text-decoration: underline; text-indent: 0">Exhibit No.</TD>
    <TD STYLE="width: 85%; padding: 0 0 3pt; font-weight: bold; text-decoration: underline; text-indent: 0">Document Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt; text-indent: 0">10.1</TD>
    <TD STYLE="padding: 0 0 3pt; text-indent: 0">Order Approving Stipulation for Settlement of Claim, dated July 24, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt; text-indent: 0">10.2</TD>
    <TD STYLE="padding: 0 0 3pt; text-indent: 0">Stipulation for Settlement of Claim, dated July 23, 2012.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>



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{"company-data": {"conformed-name": "Advaxis, Inc.", "cik": "0001100397", "assigned-sic": "2834", "irs-number": "841521955", "state-of-incorporation": "DE", "fiscal-year-end": "1031"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-28489", "film-number": "12978175"}, "business-address": {"street1": "TECHNOLOGY CENTRE OF NEW JERSEY", "street2": "675 ROUTE 1", "city": "NORTH BRUNSWICK", "state": "NJ", "zip": "08902", "phone": "732 545 1590"}, "mail-address": {"street1": "TECHNOLOGY CENTRE OF NEW JERSEY", "street2": "675 ROUTE 1", "city": "NORTH BRUNSWICK", "state": "NJ", "zip": "08902"}, "former-company": {"former-conformed-name": "GREAT EXPECTATIONS & ASSOCIATES INC", "date-changed": "19991203"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
_______________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
July 24, 2012
ADVAXIS, INC.
(Exact name of registrant as specified in
its charter)
Delaware
(State or other jurisdiction of incorporation)
00028489
02-0563870
(Commission File Number)
(IRS Employer Identification Number)
305 College Road East
Princeton, New Jersey 08540
(Address of principal executive offices)
Registrant's telephone number, including
area code:
(609) 452-9813
Not applicable
(Former Name or Former Address, if Changed
Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
On July 24, 2012, the Circuit Court of
the 11th Judicial Circuit in and for Miami-Dade County, Florida (the "Court") entered an Order Approving
Stipulation for Settlement of Claim (the "Order") in the matter titled Socius CG II, Ltd. ("Socius")
v. Advaxis, Inc. (the "Company"). The Order and the Stipulation for Settlement of Claim, dated July 23, 2012,
between the Company and Socius (the "Stipulation"), provides for the full and final settlement of Socius's
$2,888,860 claim against the Company in connection with past due invoices relating to clinical trial services, which Socius
purchased from Numoda Corporation pursuant to a Claim Purchase Agreement, dated July 13, 2012, by and between Socius and
Numoda Corporation (the "Claim").
Pursuant to the terms of the Order and the
Stipulation, the Company issued and delivered to Socius 11,111,000 shares of the Company's common stock, par value $0.001
per share (the "Common Stock"), for one-half of the Claim (the "First Tranche Settlement Shares") and will
issue and deliver a number of shares of Common Stock as described in more detail below for the remaining half of the Claim on the
twenty-first trading day following the issuance of the First Tranche Settlement Shares (the "Second Tranche Settlement Shares"), subject to adjustment as set forth
in the Stipulation.
Notwithstanding the foregoing, pursuant
to the terms of the Stipulation, the number of shares of Common Stock to be issued under the Stipulation as of any given date may
not exceed the number of shares of Common Stock which the Company then has available for issuance on such date (the "Share
Cap"). If the Company does not have sufficient shares of Common Stock to settle the Claim in full as result of the Share
Cap, such unsettled portion of the Claim shall be reinstated as an outstanding unsecured cash claim against the Company.
Subject to the Share Cap, the number of
First Tranche Settlement Shares to be issued to Socius in connection with the Order will be adjusted on the 21st trading day following
the date on which the First Tranche Settlement Shares are issued (the "First Tranche True-Up Date"), as follows: (i)
if the sum of (x) $0.067 and (y) seventy-five percent (75%) of the arithmetic average of the closing sale price of the Common Stock
on each trading day during such 21 day period (the "First Tranche True-Up Measuring Price") is less than the Required
Market Price (as defined in the Stipulation), then the Company shall deliver to Socius such number of additional shares of Common
Stock equal to the difference of (A) the quotient of (x) the fair market value of one-half of the Claim as of the date on which
the First Tranche Settlement Shares were issued, divided by (y) the First Tranche True-Up Measuring Price, less (B) the number
of First Tranche Settlement Shares previously delivered to Socius; and (ii) if, on the First Tranche True-Up Date, the First Tranche
True-Up Measuring Price is greater than the Required Market Price, then Socius shall return to the Company for cancellation such
number of shares of Common Stock equal to the difference of (A) the number of First Tranche Settlement Shares previously delivered
to Socius, less (B) the quotient of (x) the fair market value of one-half of the Claim as of the date on which the First Tranche
Settlement Shares were issued, divided by (y) the First Tranche True-Up Measuring Price.
Subject to the Share Cap, the number of
Second Tranche Settlement Shares to be issued by the Company to Socius on the First Tranche True-Up Date shall be calculated by
dividing the amount of the remaining half of the Claim by the First Tranche True Up Measuring Price.
Subject to the Share Cap, the number of
Second Tranche Settlement Shares to be issued to Socius in connection with the Order will be adjusted on the 21st trading day following
the First Tranche True-Up Date (the "Second Tranche True-Up Date"), as follows: (i) if the sum of (x) $0.067 and (y)
seventy-five percent (75%) of the arithmetic average of the closing sale price of the Common Stock on each trading day during such
21 day period (the "Second Tranche True-Up Measuring Price") is less than the First Tranche True-Up Measuring Price,
then the Company shall deliver to Socius such number of additional shares of Common Stock equal to the difference of (A) the quotient
of (x) the fair market value of one-half of the Claim as of the First Tranche True-Up Date, divided by (y) the Second Tranche True-Up
Measuring Price, less (B) the number of Second Tranche Settlement Shares previously delivered to Socius; and (ii) if, on the Second
Tranche True-Up Date, the Second Tranche True-Up Measuring Price is greater than the First Tranche True-Up Measuring Price, then
Socius shall return to the Company for cancellation such number of shares of Common Stock equal to the difference of (A) the number
of Second Tranche Settlement Shares previously delivered to Socius, less (B) the quotient of (x) the fair market value of one-half
of the Claim as of the First Tranche True-Up Date, divided by (y) the Second Tranche True-Up Measuring Price.The description of
the Order and Stipulation does not purport to be complete and is qualified in its entirety by reference to the Order and Stipulation,
which are filed as Exhibits 10.1 and 10.2, respectively, to this report and incorporated herein by reference.
Item 3.02. Unregistered Sales of Securities.
The information provided in Item 1.01 is
hereby incorporated by reference to this Item 3.02.
Item 9.01. Financial
Statements and Exhibits.
(d)
Exhibits
10.1
Order Approving Stipulation for Settlement of Claim, dated July 24, 2012.
10.2
Stipulation for Settlement of Claim, dated July 23, 2012.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
Dated:  July 25, 2012
Advaxis, Inc.
By:
/s/ Mark J. Rosenblum
Mark J. Rosenblum
Chief Financial Officer and Secretary
EXHIBIT INDEX
Exhibit No.
Document Description
10.1
Order Approving Stipulation for Settlement of Claim, dated July 24, 2012.
10.2
Stipulation for Settlement of Claim, dated July 23, 2012.