Financing also includes three-year warrants for 12,000,001 shares
By Devika Patel
Knoxville, Tenn., Oct. 4 - Cel-Sci Corp. said it plans a $4 million registered direct offering of stock. Chardan Capital Markets, LLC is the agent.
The company will sell 13,333,334 common shares at $0.30 apiece. The price per share represents an 11.77% discount to the Oct. 3 closing share price of $0.34.
The investors will also receive warrants for 12,000,001 shares, which are each exercisable at $0.40 for three years. The strike price is a 17.65% premium to the Oct. 3 closing share price.
Settlement is expected Oct. 6.
Proceeds will be used for general and administrative expenses and for Phase III clinical trials of Multikine.
Based in Vienna, Va., Cel-Sci develops treatments for cancer and infectious diseases.
| Issuer: | Cel-Sci Corp.
|
| Issue: | Common shares
|
| Amount: | $4 million
|
| Shares: | 13,333,334
|
| Price: | $0.30
|
| Warrants: | For 12,000,001 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.40
|
| Agent: | Chardan Capital Markets, LLC
|
| Pricing date: | Oct. 4
|
| Settlement date: | Oct. 6
|
| Stock symbol: | Amex: CVM
|
| Stock price: | $0.34 at close Oct. 3
|
| Market capitalization: | $61.7 million
|
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