Deal also includes four-year warrants for 26.25 million common shares
By Devika Patel
Knoxville, Tenn., Dec. 4 - Cel-Sci Corp. said it plans a $10.5 million registered direct offering of stock. Chardan Capital Markets, LLC is the agent.
The company will sell 35 million common shares at $0.30 apiece. The price per share represents a 14.29% discount to the Dec. 3 closing share price of $0.35.
The investors will also receive warrants for 26.25 million shares, which are each exercisable at $0.40 for four years. The strike price is a 14.29% premium to the Dec. 3 closing share price.
Settlement is expected Dec. 7.
Proceeds will be used for general and administrative expenses and for phase 3 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: | $10.5 million
|
| Shares: | 35 million
|
| Price: | $0.30
|
| Warrants: | For 26.25 million shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $0.40
|
| Agent: | Chardan Capital Markets, LLC
|
| Pricing date: | Dec. 4
|
| Settlement date: | Dec. 7
|
| Stock symbol: | Amex: CVM
|
| Stock price: | $0.35 at close Dec. 3
|
| Market capitalization: | $81.59 million
|
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