(RTTNews) - CEL-SCI Corp. (CVM) announced that shareholders approved a 1-for-30 reverse stock split of its common stock during the company's annual shareholder meeting.
The reverse split was subsequently authorized by the Board of Directors and is expected to take effect on May 20, 2025, with the stock continuing to trade under the ticker CVM, but with a new CUSIP number (150837 706).
Under this move, every 30 shares of existing common stock will be consolidated into 1 share, with fractional shares rounded to the nearest whole share. All outstanding warrants and options will also be adjusted proportionately.
The company stated the reverse split aims to raise the share price to attract institutional investors and comply with stock exchange requirements, which prefer higher trading prices for listed equities.
CEO Geert Kersten emphasized that the move comes ahead of potential major clinical milestones and is intended to position CEL-SCI for broader investor participation and enhanced market visibility.
The company is continuing its clinical development of Multikine, an immunotherapy for head and neck cancer, which has received Orphan Drug designation and is advancing into a confirmatory Registration Study following a completed Phase 3 trial.
Currently, CVM is trading at $5.14, up by 15.93 percent on the New York Stock Exchange.
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