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.
