Sellas prices 13.03M shares at $1.535 in direct offering, private placement

SELLAS Life Sciences Group entered into definitive agreements with two existing institutional investors for the purchase and sale of 13,029,316 shares of its common stock in a registered direct offering and warrants to purchase up to an aggregate of 13,029,316 shares of common stock in a concurrent private placement at a combined purchase price of $1.535 per share and accompanying warrant, priced at-the-market under Nasdaq rules. The warrants will have an exercise price of $1.41 per share, will be immediately exercisable upon issuance and will expire 5.5 years from issuance. The closing of the Offering is expected to occur on or about March 19, 2024, subject to the satisfaction of customary closing conditions. The gross proceeds from the Offering are expected to be approximately $20 million, before deducting placement agent fees and other estimated offering expenses. The Company intends to use the net proceeds from the Offering for research and development activities, working capital and general corporate purposes. A.G.P./Alliance Global Partners is acting as sole placement agent for the Offering.