CEL-SCI Stock Drops After Raising $31.7M Via Secondary Equity Offering

CEL-SCI Corporation (NYSE: CVM) has increased the size of its previously announced capital raise offering to 1.4 million shares, up from 1 million shares, at $22.62 per share representing a 5% discount to Tuesday's closing price of $23.82 per share.
The offering is expected to close by June 11.
Underwriters have an option to purchase up to 15% of the offering.
The proceeds will be used to fund the continued development of the pipeline based on Multikine and LEAPS technologies and other general corporate purposes.
For the quarter that ended on March 31, the company reported a cash balance of $6.4 million.
In the Q2 earnings release, the company said it is preparing for the anticipated commercial launch of Multikine, CEL-SCI, which has been expanding and upgrading its dedicated cGMP manufacturing facility.
Price Action: CVM shares are down 9.2% at $21.62 during the premarket session on the last check Wednesday.

See more from Benzinga

Click here for options trades from Benzinga
FDA Clears Pfizer's Prevnar 20 Conjugate Vaccine For Adults
Lyra Therapeutics Stock Is Trading Higher After Positive FDA Meeting Outcome For Rhinosinusitis Program