VIENNA, Va.--(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.
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.