CEL-SCI Corp (CVM) Enters $5M Registered Common Stock Direct Offering

August 23, 2016 9:17 AM EDT

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CEL-SCI Corporation (NYSE: CVM) announced it has entered into a definitive agreement with institutional investors to purchase approximately 10 million shares of its common stock and warrants exercisable for up to approximately 5 million shares of its common stock for gross proceeds of $5 million. The warrants will be exercisable six months following the date of issuance, will expire on the fifth anniversary of the initial exercise date and have an exercise price of $0.55 per share. The closing of the offering is expected to take place on or about August 26, 2016, subject to the satisfaction of customary closing conditions.

Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, acted as the exclusive placement agent in connection with the offering.

The net proceeds of the offering will be used for the ongoing Phase 3 study and general corporate purposes.

The securities described above are being offered by CEL-SCI pursuant to a shelf registration statement (File No. 333-205444) previously filed with and subsequently declared effective by the Securities and Exchange Commission (the “SEC”). A prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov.

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