Seelos Therapeutics (SEEL) Prices Share and Warrant Offering at $0.30/sh

September 21, 2023 9:02 AM EDT

Seelos Therapeutics, Inc. (Nasdaq: SEEL) ("Seelos"), a clinical-stage biopharmaceutical company focused on the development of therapies for central nervous system (CNS) disorders and rare diseases, today announced that it has entered into a securities purchase agreement with certain institutional investors for the purchase and sale of 15,000,000 shares of common stock and warrants to purchase up to 10,010,010 shares of common stock at a combined offering price of $0.30 per share and accompanying warrant pursuant to a registered direct offering, resulting in total gross proceeds of approximately $4.5 million before deducting fees payable to financial advisors and other estimated offering expenses payable by Seelos, excluding the proceeds, if any from the exercise of the warrants. The warrants will have an exercise price of $0.325, will be exercisable immediately, will expire five years from their issuance and contain an alternative cashless exercise provision whereby a warrant may be exchanged cashlessly for shares of common stock at the rate of .999 of a share per full share otherwise issuable upon a cash exercise.

Seelos intends to use the net proceeds from the offering for general corporate purposes, to advance the development of its product candidates and the repayment approximately $0.7 million under the convertible promissory note previously issued to Lind Global Asset Management V, LLC. This offering is expected to close on or about September 25, 2023, subject to the satisfaction of customary closing conditions.

The securities described above and the shares of common stock underlying the warrants described above are being offered by Seelos pursuant to an effective "shelf" registration statement on Form S-3 (File No. 333-251356) previously filed with the Securities and Exchange Commission (the "SEC") on December 15, 2020, as amended on December 22, 2020 and declared effective by the SEC on December 23, 2020. The securities may be offered only by means of a prospectus. When available, a copy of the prospectus supplement and accompanying prospectus relating to the offering may be obtained by visiting the EDGAR database on the SEC's web site at

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

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