Investor is ‘healthcare dedicated’; shares price at 7.41% discount
By Susanna Moon
Chicago, May 18 – Cel-Sci Corp. said it has arranged a $5 million registered direct offering of stock and warrants with Rodman & Renshaw as placement agent. The deal has been inked with a “single healthcare dedicated institutional investor,” according to a company announcement.
Under the deal terms, the investor will purchase about 10 million shares of the company’s common stock and warrants exercisable for up to about 6.66 million shares.
The price per share is a 7.41% discount to the company’s closing price on May 17.
The five-year warrants will be exercisable six months after issue at a price of $0.55 per share. The strike price is a 1.85% premium to the company’s closing price on May 17.
Proceeds will be used for the company’s ongoing phase 3 study and for general corporate purposes.
Cel-Sci is a Vienna, Va.-based company that develops treatments for cancer and infectious diseases.
| Issuer: | Cel-Sci Corp.
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| Issue: | Common shares
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| Amount: | $5 million
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| Shares: | 10 million
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| Price: | $0.50
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| Warrants: | For 6.66 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.55
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| Agent: | Rodman & Renshaw, unit of H.C. Wainwright & Co., LLC
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| Pricing date: | May 18
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| Settlement date: | May 20
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| Stock symbol: | NYSE: CVM
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| Stock price: | $0.54 at close May 17
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| Market capitalization: | $66.11 million
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