CEL-SCI tumbles on deep-discounted stock offering

CEL-SCI

18/07/2023 12:28

** CEL-SCI Corp's  CVM.A  shares tumbling 22.4% to $2.22
before the bell after overnight follow-on prices
    ** Late-stage cancer immunotherapy co late Mon announced 2.5
mln shares at $2, 30% discount to last sale, for $5 mln raise
    ** Co plans to use net proceeds to fund continued
development of Multikine, its treatment for head and neck cancer
    ** Co has 44.7 mln shares outstanding for ~$128 mln market
cap
    ** CVM had risen past two sessions and is up ~22% YTD. Stock
lost 67% last year and shed 39% in 2021
    ** ThinkEquity acting as sole bookrunner for equity offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))