Company offers stock, warrants to single investor through Chardan
By Devika Patel
Knoxville, Tenn., Jan. 26 - Cel-Sci Corp. said it will conduct a $5.76 million registered direct offering of stock. Chardan Capital Markets, LLC is the agent.
The company will sell 16 million common shares. The purchase price, $0.36 per share, reflects a 16.28% discount to the $0.43 closing share price on Jan. 25.
The single investor also will receive warrants for 12 million shares, each exercisable at $0.50, a 16.28% premium to the Jan. 25 closing share price.
Settlement is expected Jan. 30.
Proceeds will be used for general and administrative expenses and for Phase III clinical trials involving the company's investigational cancer drug, Multikine.
Based in Vienna, Va., Cel-Sci develops treatments for cancer and infectious diseases.
| Issuer: | Cel-Sci Corp.
|
| Issue: | Common stock
|
| Amount: | $5.76 million
|
| Shares: | 16 million
|
| Price: | $0.36
|
| Warrants: | For 12 million shares
|
| Warrant strike price: | $0.50
|
| Agent: | Chardan Capital Markets, LLC
|
| Pricing date: | Jan. 26
|
| Settlement date: | Jan. 30
|
| Stock symbol: | Amex: CVM
|
| Stock price: | $0.43 at close Jan. 25
|
| Market capitalization: | $82.19 million
|
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