Cel Sci Corporation (CVM)

[Biobonic]

On Corporate Conference Calls analysts often ask for more 'color'...

Here is some color from May 2015 when the stock sale with warrants now known as Series V were offered

May 2015, CVM was in the midst of a contract dispute with the former CRO.

More specifically:

We are currently engaged in a contract dispute alleging that the former CRO failed to comply with the protocol for the Phase 3 clinical trial and applicable regulatory requirements.

Needing money, bring on Underwriter Dawson James

On May 22, 2015, CEL-SCI Corporation (the "Company") and Dawson James Securities, Inc. entered into a Placement Agent Agreement (the "Placement Agent Agreement") whereby the Company will issue and sell, on a best efforts basis

best efforts basis?

Best efforts is a legal agreement between a securities underwriter (usually an investment bank) and a securities issuer, whereby the underwriter agrees to do the best it can to sell as many of the issuer’s securities as possible to the public.

The underwriter couldn't even guarantee it could gin up buyers...at 79 cents a share...

The 8K filing announcing the sale is quite detailed, even has the form the warrant holder would use to file to exercise...

And this is the last couple of lines on the form...

Each Warrant initially entitles the holder to purchase one share of Common Stock for $0.79. The number and kinds of securities or other property for which the Warrants are exercisable are subject to adjustment in certain events, such as mergers, stock splits, stock dividends, reverse splits and the like, to prevent dilution. The Company may, in its sole discretion, (i) extend the Expiration Date by providing not less than 10 days' prior notice, or (ii) lower the Exercise Price at any time prior to the Expiration Date.

One can feel the sharks circling...