Cel-Sci (NYSE:CVM) said today that it inked an agreement with institutional investors for a $3.5 million registered direct offering.
The company said it plans to offer 1.75 million shares of common stock at $2.00 apiece. In a private placement, Cel-Sci will issue warrants to buy up to 1.75 million shares of common stock. For each share of stock purchased in the registered direct offering, investors in the private placement will receive an unregistered warrant to buy one share of common stock, which have an exercise price of $2.30 apiece.
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