CEL-SCI Announces Reverse Stock Split
June 12 2017 - 4:00PM
Business Wire
CEL-SCI Corporation (NYSE MKT: CVM) announced today that
during its annual Shareholder’s Meeting on June 12, 2017, a
1-for-25 reverse split was authorized for its outstanding shares of
common stock. CEL-SCI expects the split to be implemented on June
15, 2017. When the market opens on June 15, 2017, the common stock
will trade under a new CUSIP number 150837 607 but the Company's
ticker symbol, CVM, will remain unchanged.
The CUSIP number for public warrants will remain the same and
the warrant's ticker symbol, CVM WS, will also remain
unchanged.
When the reverse stock split becomes effective, every 25 shares
of common stock will be converted into 1 share of common stock. The
reverse stock split will not eliminate any shareholders of record
since any fractional share resulting from the reverse stock split
will be rounded to the nearest whole share. The exercise price for
the warrants that trade under the symbol CVM WS will be adjusted
from $1.25 to $31.25 and 25 warrants will be required to purchase
one share. The exercise price of all other outstanding warrants and
options, as well as the shares issuable upon the exercise of the
outstanding warrants and options, will also be proportionately
adjusted.
“We believe that the next few months may present us with a
number of major catalysts. Therefore we believe that this is an
appropriate time to implement a reverse split that will bring our
share price to levels where more individual investors, more
institutional investors, as well as funds, can buy and trade the
stock. We appreciate the continued support of our shareholders as
we advance our investigational drug and drug candidates through our
clinical development program with a goal towards delivering better
treatment alternatives for cancer, autoimmune and infectious
diseases,” stated CEL-SCI CEO Geert Kersten.
It is not necessary for stockholders to exchange their existing
stock certificates for new stock certificates in connection with
the reverse stock split although stockholders may do so if they
wish. Please direct any questions you might have concerning the
reverse stock split to your broker or our transfer agent
Computershare Trust Company by calling (800) 962-4284.
About CEL-SCI Corporation
CEL-SCI's work is focused on finding the best way to activate
the immune system to fight cancer and infectious diseases. The
Company has operations in Vienna, Virginia, and in/near Baltimore,
Maryland.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. When used in this press release, the words "intends,"
"believes," "anticipated," "plans" and "expects," and similar
expressions, are intended to identify forward-looking statements.
Such statements are subject to risks and uncertainties that could
cause actual results to differ materially from those projected.
Factors that could cause or contribute to such differences include,
an inability to duplicate the results demonstrated in clinical
studies, timely development of any potential products that can be
shown to be safe and effective, receiving necessary regulatory
approvals, difficulties in manufacturing any of the Company's
potential products, inability to raise the necessary capital and
the risk factors set forth from time to time in the Company's
filings with the Securities and Exchange Commission, including but
not limited to its report on Form 10-K and 10-K/A for the year
ended September 30, 2016. The Company undertakes no obligation to
publicly release the results of any revision to these
forward-looking statements which may be made to reflect the events
or circumstances after the date hereof or to reflect the occurrence
of unanticipated events.
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version on businesswire.com: http://www.businesswire.com/news/home/20170612006138/en/
CEL-SCI CorporationCOMPANY CONTACT:Gavin de
Windt703-506-9460
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