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CEL-SCI Corporation (NYSE:CVM) shares tumbled 38.19% in after-hours trading to $8.06 on Tuesday following the cancer immunotherapy company’s announcement of a $10 million public offering priced below current market levels.
Check out the current price of CVM stock here.
The clinical-stage company priced 1,111,200 common shares at $9.00 each, representing a 30.9% discount to Wednesday’s closing price of $13.04. The offering expects to close on August 29, with ThinkEquity serving as sole placement agent.
The securities are being offered under a shelf registration statement (File No. 333-288515) filed with the SEC on July 3, 2025, and declared effective on August 12.
CEL-SCI stated it will use net proceeds to fund continued development of Multikine, its lead cancer immunotherapy candidate, plus general corporate purposes and working capital. Multikine has received Food and Drug Administration Orphan Drug designation for neoadjuvant therapy in head and neck squamous cell carcinoma patients.
The treatment, designed to boost immune response before traditional therapies damage the immune system, has been administered to over 740 patients in clinical trials.
The Virginia-based biotechnology has traded between $1.98 and $39.30 over the past year, with a market capitalization of $89.74 million and an average volume of 473,350 shares.
Price Action: According to Benzinga Pro data, CVM closed at $13.04, up 15.40% on Wednesday.
Benzinga’s Edge Stock Rankings indicates CEL-SCI Corp. has a Momentum score of 33.74. Find out how other similar stocks rank.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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