Cancer immunotherapy company CEL-SCI Corporation (NYSE American:CVM) said on Monday that its underwriter Aegis Capital Corp has agreed to purchase, on a firm commitment basis, a minimum of 500,000 shares of its common stock of the company.

Aegis Capital Corp will purchase a minimum of 500,000 shares of common stock of the company at a price to the public of USD12.22 per share, representing a 5% discount to the closing price per share.

The company will provide the underwriter with a 45-day option to purchase up to 15% of the offering at the Public Price.

Proceeds will be used by the company to fund the continued development of Multikine, LEAPS as well as other general corporate purposes.

Closing of the offering is expected to occur on or about 26 March 2020, subject to customary closing conditions.

For the offering, Aegis Capital Corp is acting as the sole book-running manager.