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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.