CEL-SCI Corporation Announces 1-for-10 Reverse Stock Split
VIENNA, Va.--(BUSINESS WIRE)-- CEL-SCI Corporation (NYSE MKT:CVM), a late-stage oncology company, announced that it is effecting a 1-for-10 reverse stock split of its common stock which will be effective for trading purposes as of the commencement of trading on September 25, 2013. As of that date, each 10 shares of issued and outstanding common stock and equivalents will be converted into 1 share of common stock. In addition, at the market open on September 25, 2013, the common stock will trade under a new CUSIP number 150837508 although the Company's ticker symbol, CVM, will remain unchanged.
The number of outstanding common shares will be reduced from 310,005,272 to approximately 31 million. The number of authorized shares and the par value per share will remain unchanged. No fractional shares will be issued in connection with the reverse stock split. Any fractional shares resulting from the reverse stock split will be rounded to the nearest whole share. The number of outstanding options and warrants will be adjusted accordingly, with outstanding options being reduced from 52,034,756 to approximately 5.2 million and outstanding warrants being reduced from 99,181,434 to approximately 9.9 million.
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.
Geert Kersten, CEO of CEL-SCI stated, "Over the last few months we have had numerous discussions with investors, advisors and our board about our capital structure. In deciding to move forward with the reverse split we looked at many factors. One that swayed us in the end to move forward with the reverse split is that the capital market rules have changed a great deal since the financial crisis and the number of potential purchasers for a sub $1 stock has significantly decreased. We believe the resulting increase in share price will demonstrate the true value of CEL-SCI's common stock and broaden the appeal of our shares to investors, particularly institutional stockholders."
CEL-SCI is dedicated to research and development directed at improving the treatment of cancer and other diseases by utilizing the immune system, the body's natural defense system. Its lead investigational therapy is Multikine (Leukocyte Interleukin, Injection), currently being studied in a pivotal global Phase III clinical trial. CEL-SCI is also investigating an immunotherapy (LEAPS-H1N1-DC) as a possible treatment for H1N1 hospitalized patients and as a vaccine (CEL-2000) for Rheumatoid Arthritis (currently in preclinical testing) using its LEAPS technology platform. The investigational immunotherapy LEAPS-H1N1-DC treatment involves non-changing regions of H1N1 Pandemic Flu, Avian Flu (H5N1), and the Spanish Flu, as CEL-SCI scientists are very concerned about the possible emergence of a new more virulent hybrid virus through the combination of H1N1 and Avian Flu, or maybe Spanish Flu. The Company has operations in Vienna, Virginia, and in/near Baltimore, Maryland.
For more information, please visit www.cel-sci.com.
When used in this report, the words "intends," "believes," "anticipated" and "expects" and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties which 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 clinical 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 CEL-SCI Corporation's SEC filings, including but not limited to its report on Form 10-K for the year ended September 30, 2012. The Company undertakes no obligation to publicly release the result 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.
Gavin de Windt, 703-506-9460
KEYWORDS: United States North America Virginia
The article CEL-SCI Corporation Announces 1-for-10 Reverse Stock Split originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.