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Investing.com -- CEL-SCI Corporation (NYSE:CVM) stock tumbled 31% after the clinical stage cancer immunotherapy company announced the pricing of a $10 million public offering at a significant discount to its previous closing price.
The company priced a best-efforts public offering of 1,111,200 shares of common stock at $9.00 per share, representing a 31% discount to Wednesday’s closing price of $13.04. The offering is expected to close on August 29, 2025, subject to customary closing conditions.
CEL-SCI indicated that proceeds from the offering will be used to fund continued development of its Multikine immunotherapy treatment, as well as for general corporate purposes and working capital.
The significant discount in the offering price appears to have triggered the sharp sell-off in CEL-SCI shares, as the new equity issuance represents dilution for existing shareholders at a price substantially below recent trading levels.
The company specializes in developing immunotherapy treatments for cancer, with Multikine being its lead product candidate. The capital raise suggests the company requires additional funding to advance its clinical programs.
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