Seelos Therapeutics (SEEL) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On January 26, 2024, Seelos Therapeutics, Inc. agreed with certain institutional investors to issue 3,404,256 shares of common stock and an equal number of common warrants in a registered direct offering and concurrent private placement, for a combined purchase price of $1.175 per share and warrant. The common warrants are exercisable immediately with an exercise price of $1.05 per share and a five-year expiration. The offering closed on January 30, 2024, with gross proceeds of approximately $4 million, before fees and expenses. Net proceeds are intended for general corporate purposes and development of product candidates, among other uses. The securities were offered pursuant to a shelf registration statement and the common warrants were offered in a private placement, with an agreement to file a registration statement for the resale of the common warrant shares.
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For a comprehensive understanding of the announcement, you can read the full document here.