Why CEL-SCI (CVM) Shares Are Down 20%

CEL-SCI Corporation CVM shares are trading lower by 21.3% to $2.25 Tuesday morning after the company priced its public offering of 2.5 million shares at $2.00 per share.

The offering is expected to generate gross proceeds of $5 million. The closing is scheduled for July 20, subject to customary conditions. The net proceeds will fund the development of Multikine and support general corporate purposes.

ThinkEquity is the sole book-running manager for the offering.

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According to data from Benzinga Pro, CVM has a 52-week high of $5.42 and a 52-week low of $1.86.