SCHEDULE: Lincoln Alternative Strategies Discloses 6.94% Stake in CEL-SCI

Lincoln Alternative Strategies LLC has reported a 6.94% beneficial ownership stake in CEL-SCI Corporation, holding 555,000 shares of common stock.

Summary

• Lincoln Alternative Strategies LLC reported beneficial ownership of 555,000 shares of CEL-SCI Corporation's common stock.
• This represents 6.94% of the issuer's common stock outstanding.
• The beneficial ownership percentage is based on 7,993,356 shares of common stock issued and outstanding as of August 27, 2025.
• Lincoln Alternative Strategies LLC holds sole voting power and sole dispositive power over all 555,000 shares.
• The disclosure was made under Rule 13d-1(c), indicating the reporting person is not an institutional investor specified in Rule 13d-1(b).
• The securities were not acquired or held for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: The disclosure of a significant beneficial ownership stake by Lincoln Alternative Strategies LLC in CEL-SCI Corporation is generally viewed as a neutral to slightly positive signal of investor interest, without indicating any operational or financial performance.

Positives

• Disclosure of a significant stake by an investment entity, Lincoln Alternative Strategies LLC, could signal confidence in CEL-SCI Corporation's future prospects.
• The reporting person explicitly states the securities were not acquired for the purpose of changing or influencing control, which may reduce concerns about activist investor intentions.

Future Outlook

No forward-looking statements or guidance are provided.

Management Comments

• I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This disclosure is a routine regulatory filing regarding beneficial ownership and does not provide specific insights into broader industry trends or competitive landscape.

Stakeholder Impact

• Shareholders: The disclosure of a new significant shareholder could be perceived positively, potentially increasing investor confidence or signaling institutional interest.
• Management: Awareness of a new significant shareholder may influence management's strategic decisions, though the filing explicitly states no intent to influence control.

Key Dates

Keywords

CEL-SCI Corporation, Lincoln Alternative Strategies LLC, Schedule 13G, beneficial ownership, common stock, equity stake, investment