CEL-SCI Corporation (NYSE MKT: CVM), a late-stage oncology company, today announced that it has priced an underwritten public offering of units of common stock and warrants at a price of $1.00 per unit for gross proceeds of $17,826,087, prior to deducting underwriting discounts and commissions and offering expenses of the Company. Each unit consists of one share of common stock and a warrant to purchase one share of common stock. The warrants are immediately exercisable and have a term of 5 years and an exercise price of $1.25. The underwriters have an option for 45 days to purchase up to an additional 15% of the shares and/or warrants to cover overallotments. CEL-SCI intends to use the net proceeds of the offering for general corporate purposes, including working capital and operational purposes, and including product development. The offering is expected to close on or about October 11, 2013, subject to the satisfaction of customary closing conditions.
Chardan Capital Markets is acting as sole bookrunner for the offering and Laidlaw & Company (UK) Ltd. is acting as co-manager on the deal.
The securities will be offered by means of a prospectus supplement and accompanying prospectus, forming a part of the effective registration statement, a copy of which may be obtained, when available, at the website of the SEC at http://www.sec.gov. Electronic copies of the preliminary prospectus also may be obtained from Chardan Capital Markets, LLC Capital Markets, 17 State Street, Suite 1600, New York, NY 10004, at 646-465-9012.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.