Benzinga | Jun 9, 2021 07:56AM EDT

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.