Cel Sci Corporation (CVM)

[learning curve]

I agree with your rationale of how a preferred would be utilized, but it must be considered all the lost money as well as share structure.

The small offerings are due to share structure. It is also certainly due to the high risk associated with multiple outcomes of the companies issues near term as well. Just saying the share structure and bylaws are a limiting factor as well.

I have changed my timing to an r/s won't happen until after news arrives; however I haven't eliminated it could be before.

We don't know what Cvm submitted to sec and we don't know timing of events that will effect pps. Thus we don't know how many warrants willl expire and create more shares for issuance.

I also think A reason that preffered have not been issued is because it would allow the public to know the actual (if any) value of the companies assets.

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Purely hypothetical: A possible way in which preffered could be issued would be the case of an expected buyout. Investors put up x amount of money as a bridge. Once a deal is made to sell. The prefered are converted to common......
Say a 100 to 1 r/s (pps = $10). The o/s becomes 2.5m (MC is $25m).Then issue 15 prefered shares that are convertible into 100k common each at a price of $10 per share. The raise equals $15m cash. Now the o/s is still 2.5m and market cap is still $25m (and becomes 4m in events of control change).

Now, they get offer for $100m. $100m divided by 4m o/s (change of control allowed conversion) = $25 per share (pre r/s of .25). The last round of $15m prefered walks with $37.5m (the number would be slightly skewed as to any cash the buyer was inheriting.

Just an example of how prefered can be used to lock in control of return, ensure capital is available until a deal is completed...