CEL-SCI Announces Combination of Common Stock
CEL-SCI Corporation (NYSE:CVM) announced today that during its annual Shareholder's Meeting on May 19, 2025, a combination was authorized for its outstanding shares of common stock. On May 19, 2025, the Board of Directors approved a 1 for 30 combination of common stock. CEL-SCI expects the combination to be implemented on May 20, 2025. When the market opens on May 20, 2025, the common stock will trade under a new CUSIP number 150837 706, but the Company's ticker symbol, CVM, will remain unchanged.
When the combination of stock becomes effective, every 30 shares of common stock will be converted into 1 share of common stock. The combination of common stock will not eliminate any shareholders of record since any fractional share resulting from the combination of common stock will be rounded to the nearest whole share. The exercise price of all 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. Hopefully this will lead to more interest from investors. The combination of common stock is needed for two reasons: 1) our low stock price prohibits many funds from investing in CEL-SCI and 2) the major US stock exchanges have made it clear that they want listed companies to have a higher share price. Therefore we believe that this is an appropriate time to implement a combination that will bring our share price to levels where more investors, as well as funds, can buy and trade our 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 combination of common stock although stockholders may do so if they wish. Please direct any questions you might have concerning the combination of common stock to your broker or our transfer agent Computershare Trust Company by calling (800) 962-4284.
About CEL-SCI Corporation
CEL-SCI believes that boosting a patient's immune system before surgery, radiotherapy and chemotherapy have damaged it, should provide the greatest possible impact on survival. Multikine is designed to help the immune system "target" the tumor at a time when the immune system is still relatively intact and thereby thought to be better able to mount an attack on the tumor.
Multikine (Leukocyte Interleukin, Injection), given right after diagnosis and before surgery, has been dosed in over 740 patients and received Orphan Drug designation from the FDA for neoadjuvant therapy in patients with squamous cell carcinoma (cancer) of the head and neck. Based on the data from the completed randomized controlled Phase 3 study, the FDA concurred with CEL-SCI's target patient selection criteria and gave the go-ahead to conduct a confirmatory Registration Study. The study will enroll 212 newly diagnosed locally advanced primary treatment naïve resectable head and neck cancer patients with no lymph node involvement (determined via PET scan) and with low PD-L1 tumor expression (determined via biopsy), representing about 100,000 patients annually.
The Company has operations in Vienna, Virginia, and near/in Baltimore, Maryland.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words "intends," "believes," "anticipated," "plans" and "expects," and similar expressions, are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties that 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, inability to finalize a partnering agreement and the risk factors set forth from time to time in CEL-SCI's filings with the Securities and Exchange Commission, including but not limited to its report on Form 10-K for the year ended September 30, 2024. 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.
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COMPANY CONTACT:
Gavin de Windt
CEL-SCI Corporation
(703) 506-9460