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CEL-SCI Announces $1.5 Million Offering of Shares

Thursday, March 9, 2017  
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CEL-SCI Corporation has entered into a definitive agreement with institutional investors for an offering of shares of common stock with gross proceeds of approximately $1.5 million in a registered direct offering. The closing of the offering is expected to take place on or about March 14, 2017, subject to the satisfaction of customary closing conditions.

In connection with the offering, the CEL-SCI will issue approximately 15 million registered shares of common stock at a purchase price of $0.10 per share. Concurrently in a private placement, the Company will issue warrants to purchase up to 15 million shares of its common stock. For each share of common stock purchased by an investor, such investor in the private placement will receive from the CEL-SCI an unregistered warrant to purchase one share of common stock. The warrants have an exercise price of $0.12 per share, will be exercisable upon the 6 month anniversary of the issue date, and will expire five and a half years from the issue date.

Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, is acting as the exclusive placement agent in connection with the offering. CEL-SCI intends to use the net proceeds from the offering for the Phase 3 clinical study and general corporate purposes.

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