UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C.
20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
Report (date of earliest event reported): March 23,
2020
CEL-SCI CORPORATION
(Exact
name of Registrant as specified in its charter)
Colorado
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001-11889
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84-0916344
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(State
or other jurisdiction of incorporation)
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(Commission
File No.)
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(IRS
Employer Identification No.)
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8229
Boone Blvd. #802
Vienna, VA 22182
(Address
of principal executive offices, including Zip Code)
Registrant’s
telephone number, including area
code:
(703) 506-9460
N/A
(Former
name or former address if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligations of the registrant
under any of the following provisions:
☐
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
☐
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b)
☐
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-14c))
Securities registered pursuant to Section 12(b) of the
Act:
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Trading Symbol(s)
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Name of Each Exchange on Which Registered
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Common
Stock
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CVM
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NYSE
American
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Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§203.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (§204.12b-2 of this chapter.
Emerging
growth company ☐
If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. ⬜
Item
1.01
Entry
into a Material Definitive Agreement.
On March 23, 2020, CEL-SCI Corporation (the
“Company”) entered into an Underwriting Agreement with
Aegis Capital Corp., as representative of the underwriters
identified therein, pursuant to which the Company agreed to issue
and sell 500,000 shares of common stock at a public offering price
of $12.22 per share. On March 24, 2020, the Company entered into an
Amended and Restated Underwriting Agreement (the
“Underwriting Agreement”) with Aegis Capital Corp., as
representative of the underwriters identified therein
(collectively, the “Underwriters”), pursuant to which
the Company agreed to issue and sell 630,500 shares of common stock
at a public offering price of $12.22 per share (the
“Offering”). Under the terms of the Underwriting
Agreement, the Company granted the Underwriters a 45-day option to
purchase up to an additional 94,575 shares of common stock solely
to cover over-allotments. The Company expects to receive
approximately $7.0 million in net proceeds from the Offering
(excluding the over-allotment option), after deducting underwriting
discounts and commissions and estimated offering expenses. The
shares are being offered and sold pursuant to the Company’s
effective registration statement on Form S-3 (Registration No.
333-226558), which was declared effective by the Securities
Exchange Commission (the “SEC”) on August 24, 2018, and
the base prospectus included therein, as amended and supplemented
by the prospectus supplement dated March 24, 2020. The Offering is
expected to close on or about March 26, 2020, subject to
satisfaction of customary closing conditions. The Company intends
to use the net proceeds from the Offering to fund the
continued development of Multikine, LEAPS and for other general
corporate purposes.
The
Underwriting Agreement contains customary representations,
warranties and covenants of the Company, customary conditions to
closing, indemnification obligations of the Company and the
Underwriters, including for liabilities under the Securities Act of
1933, as amended, and termination and other provisions customary
for transactions of this nature. The Company has agreed to not sell
any of its securities for a period of 45 days from March 24, 2020
subject to limited exceptions. All of the Company’s executive
officers and directors have also agreed not to sell or transfer any
securities of the Company held by them for a period of 45 days from
March 23, 2020 subject to limited exceptions.
The
above description of the Amended and Restated Underwriting
Agreement is qualified in its entirety by the Amended and Restated
Underwriting Agreement which is attached to this report as Exhibit
1.1.
On
March 23, 2020, the Company issued a press release announcing that
it had priced the Offering, which press release is filed as Exhibit
99.1 to this report.
On
March 24, 2020, the Company issued a press release announcing that
it had increased the size of the Offering to 630,500 shares, which
press release is filed as Exhibit 99.2 to this report.
Forward-Looking Statements
This
Current Report on Form 8-K contains forward-looking statements that
are made pursuant to the safe harbor provisions 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.
Such forward-looking statements include, but are not limited to,
statements related to the anticipated closing of the Offering and
the amount of net proceeds expected from the Offering.
Forward-looking statements are based on management’s current
expectations and are subject to risks and uncertainties, many of
which are beyond our control, that may cause actual results or
events to differ materially from those projected. These risks and
uncertainties, many of which are beyond the Company’s
control, include the Company’s ability to satisfy certain
conditions to closing on a timely basis or at all, as well as other
risks described in the section entitled “Risk Factors”
and elsewhere in the Company’s amended Annual Report on Form
10-K/A filed with the SEC on December 23, 2019 and in the
Company’s other filings with the SEC, including, without
limitation, its reports on Forms 8-K and 10-Q, all of which can be
obtained on the SEC website at www.sec.gov. Readers are cautioned
not to place undue reliance on the forward-looking statements,
which speak only as of the date on which they are made and reflect
management’s current estimates, projections, expectations and
beliefs. The Company expressly disclaim any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in our expectations or any changes in events, conditions or
circumstances on which any such statement is based, except as
required by law.
Item 9.01 Financial Statements and Exhibits.
Exhibit No.
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Description
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Amended
and Restated Underwriting Agreement, dated as of March 24, 2020, by
and between CEL-SCI Corporation and Aegis Capital
Corp.
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Opinion
of Hart & Hart, LLC
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Consent
of Hart & Hart, LLC
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Press
Release dated March 23, 2020.
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Press
Release dated March 24, 2020.
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SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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CEL-SCI CORPORATION
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Date:
March 24, 2020
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By:
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/s/
Geert Kersten
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Geert
Kersten
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Chief
Executive Officer
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