On April 27, 2023 CEL-SCI Corporation ("CEL-SCI" or the "Company") (NYSE American: CVM), a Phase 3 cancer immunotherapy company, reported the pricing of its underwritten confidentially marketed public offering of 794,117 shares of common stock at an offering price of $1.70 per share (Press release, Cel-Sci, APR 27, 2023, View Source [SID1234630640]). The closing of the offering is expected to take place on or about May 2, 2023, subject to the satisfaction of customary closing conditions. In addition, the Company expects to grant the underwriter a 30-day option to purchase up to an additional 15 percent of the shares of common stock to cover over-allotments.
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Spartan Capital Securities, LLC, is acting as sole book-running manager for the offering.
The gross proceeds to the Company from the offering are expected to be approximately $1.35 million, before deducting the underwriter’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering to fund the continued development of Multikine*, LEAPS and for general corporate purposes.
This offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-265995) previously filed with the U.S. Securities and Exchange Commission (the "SEC") and declared effective by the SEC on July 15, 2022. A prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at View Source Electronic copies of the prospectus supplement and the accompanying prospectus when available, may be obtained by contacting Spartan Capital Securities, LLC, Attention: Kim Monchik, 45 Broadway, 19th Floor New York, New York 10006, by email at [email protected], or by telephone at (212) 293-4245. Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering.