Seelos Therapeutics Inc - SEEL STOCK NEWS

Seelos Therapeutics, Inc. (Nasdaq: SEEL), a clinical-stage biopharmaceutical company, has received notice of delisting from Nasdaq due to non-compliance with the minimum stockholder's equity requirement. The company's common stock will be suspended from trading on Nasdaq effective October 16, 2024, and is expected to begin trading on the OTCQB on the same date.

The Nasdaq Hearings Panel had previously given Seelos until October 11, 2024, to regain compliance with the Equity Standard Rule. However, the company failed to meet this requirement. Seelos cautions that there is no assurance that a broker will continue to make a market in the company's common stock or that trading will continue on an over-the-counter market or elsewhere.

Seelos Therapeutics, Inc. (Nasdaq: SEEL) has announced the postponement of its 2024 Annual Meeting of Stockholders. Originally scheduled for September 27, 2024, the meeting will now be held virtually on Friday, October 25, 2024, at 8:00 a.m. Eastern Time. The postponement is due to an anticipated lack of quorum and to allow more time for proxy solicitation.

The record date for the Annual Meeting remains August 19, 2024. Seelos' Board of Directors unanimously recommends voting FOR all Board nominees and proposals outlined in the company's proxy statement. Stockholders who have already voted do not need to take further action unless they wish to change their vote. Those who haven't voted are urged to do so before the postponed meeting.

Seelos Therapeutics (Nasdaq: SEEL) has announced a 1-for-16 reverse stock split of its outstanding common shares, effective September 27, 2024. This decision aims to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share. The company's stock will continue trading under the symbol 'SEEL' with a new CUSIP number. Every 16 existing shares will be combined into one share, reducing the total outstanding shares from approximately 9.2 million to 581 thousand. The reverse split will also apply to outstanding warrants and stock options, with adjustments to exercise prices. No fractional shares will be issued, and any resulting fractions will be rounded up to the nearest whole share.

Seelos Therapeutics (Nasdaq: SEEL) has signed a Material Transfer Agreement with the U.S. Army Medical Materiel Development Activity to supply SLS-002 (intranasal racemic ketamine) for the DOD's Military and Veterans Adaptive Platform Clinical Trial (M-PACT). This trial will evaluate SLS-002's potential for treating post-traumatic stress disorder (PTSD). SLS-002 is the only ketamine-based therapy selected for this study, with dosing expected to begin in Q4 2024.

The M-PACT trial (NCT05422612) is a Phase II randomized, double-blinded, placebo-controlled study assessing multiple pharmacotherapeutic interventions for PTSD in active-duty service members and veterans. It will measure changes in PTSD symptom severity using the CAPS-5-R scale and evaluate safety, tolerability, and biomarkers associated with PTSD.

Seelos Therapeutics announced a $1.1 million registered direct offering and concurrent private placement. The company will sell 380,968 shares of common stock and pre-funded warrants for 81,239 shares at $2.46 per share. Additionally, they will issue unregistered warrants for 924,414 shares at $2.21 each, expiring five years from issuance.

The offering is set to close around May 21, 2024, pending customary conditions. Proceeds will support general corporate purposes, product development, and debt repayment. Roth Capital Partners is the sole placement agent. The direct offering is filed under an effective shelf registration statement with the SEC.

Seelos Therapeutics announced a 1-for-8 reverse stock split of its common stock, effective May 16, 2024. The stock will trade under the symbol 'SEEL' with a new CUSIP number, 81577F307. This move aims to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share. The split will reduce authorized shares from 400 million to 50 million and outstanding shares from 17.4 million to 2.2 million. Stockholders' ownership percentages will remain unchanged except for fractional share adjustments, which will be rounded up.

Seelos Therapeutics, Inc. provided an update on the Phase 2/3 HEALEY ALS Platform trial, evaluating SLS-005 for ALS. While not meeting statistical significance overall, a pre-specified subgroup showed promising results. Seelos plans to discuss next steps with the FDA.

Seelos Therapeutics, Inc. (Nasdaq: SEEL) has entered into definitive agreements for the purchase and sale of 3,404,256 shares of its common stock in a registered direct offering and unregistered common warrants. The offering is priced at $1.175 per share, with accompanying common warrants exercisable for up to an aggregate of 3,404,256 shares of common stock. The common warrants will have an exercise price of $1.05 per share and will expire 5 years from the initial exercise date.

Seelos Therapeutics, Inc. (Nasdaq: SEEL) plans to continue potential partnership discussions and proceed to Phase III with SLS-002 in Adults with Major Depressive Disorder (MDD) at Imminent Risk of Suicide. The FDA agreed that the primary endpoint in a Phase III trial could be the change from baseline in the Montgomery-Åsberg Depression Rating Scale (MADRS) total score at Day 16, giving Seelos further confidence for its Phase III development of SLS-002.