Seelos to sell 380,968 shares at $2.46 in registered direct offering

Seelos Therapeutics announced that it has entered into a securities purchase agreement with certain institutional investors, providing for the purchase and sale of 380,968 shares of common stock and pre-funded warrants to purchase up to 81,239 shares of common stock at a price of $2.46 per share in a registered direct offering priced at-the-market under Nasdaq rules, resulting in total gross proceeds of approximately $1.1M, before deducting the placement agent’s fees and other estimated offering expenses. The Company also agreed to issue to the investors unregistered warrants to purchase up to 924,414 shares of common stock in a concurrent private placement. The warrants will have an exercise price of $2.21 per share of common stock, will be immediately exercisable upon issuance and will expire five years following the initial date of exercise. The registered direct offering and concurrent private placement are expected to close on or about May 21, subject to the satisfaction of customary closing conditions. Seelos currently intends to use the net proceeds from the offering for general corporate purposes, the advancement of the development of its product candidates and to make periodic principal and interest payments under, or to repay a portion of, its outstanding convertible promissory note.