Deal sells units via Dawson James, Laidlaw on best-efforts basis
By Toni Weeks
San Luis Obispo, Calif., April 14 - Cel-Sci Corp. said it priced a best-efforts underwritten public offering of common stocks and warrants.
The company is selling up to $10 million of units of one share and one quarter-share warrant at $1.40 per unit, which is a 7.28% discount to the closing share price of $1.51 on April 11.
The warrants are exercisable until Oct. 17, 2014 at $1.58. The strike price is a 4.64% premium to the April 11 closing share price.
Dawson James Securities, Inc. and Laidlaw & Co. (UK) Ltd. are the joint bookrunners.
Settlement is expected April 17.
Proceeds will be used for the company's phase 3 clinical trial, research and development and general and administrative expenses.
Based in Vienna, Va., Cel-Sci develops treatments for cancer and infectious diseases.
| Issuer: | Cel-Sci Corp.
|
| Issue: | Units of one common share and one quarter-share warrant
|
| Amount: | $10 million
|
| Units: | 7,142,857 (approximate)
|
| Price: | $1.40
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant expiration: | Oct. 17, 2014
|
| Warrant strike price: | $1.58
|
| Bookrunner: | Laidlaw & Co. (UK) Ltd.
|
| Co-manager: | Dawson James Securities, Inc.
|
| Announcement date: | April 11
|
| Pricing date: | April 14
|
| Settlement date: | April 17
|
| Stock symbol: | NYSE: CVM
|
| Stock price: | $1.51 at close April 11
|
| Market capitalization: | $74.4 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
