Seelos Therapeutics, Inc., a clinical-stage biopharmaceutical company based in New York, announced on May 16, 2024, that it has entered into a securities purchase agreement with certain institutional investors. The agreement involves the purchase and sale of 380,968 shares of common stock and pre-funded warrants for up to 81,239 shares of common stock at a price of $2.46 per share in a registered direct offering under Nasdaq rules. This offering is expected to result in total gross proceeds of approximately $1.1 million.
In addition to the direct offering, the company has also agreed to issue unregistered warrants to purchase up to 924,414 shares of common stock in a concurrent private placement. These warrants have an exercise price of $2.21 per share and will expire five years after the initial date of exercise.
The closing of the registered direct offering and private placement is anticipated to take place around May 21, 2024, pending customary closing conditions. Seelos intends to use the net proceeds from the offering for general corporate purposes, advancing the development of its product candidates, and making payments under its outstanding convertible promissory note.
Roth Capital Partners is serving as the sole placement agent for the offering. The offering is being conducted under an effective shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission on December 18, 2023. The securities are being offered through a prospectus supplement available on the SEC’s website.
The private placement of unregistered warrants and shares of common stock falls under Section 4(a)(2) of the Securities Act of 1933 and Regulation D. These securities have not been registered under the Act or state securities laws and can only be offered or sold in the United States under certain exemptions.
This press release serves as a notification of the offering and does not constitute an offer to sell securities. For more information about Seelos Therapeutics, interested parties can contact Chief Communications Officer Anthony Marciano. The company is focused on developing therapies for CNS disorders and rare diseases, with a portfolio that includes assets targeting various medical conditions.
Forward-looking statements made in this press release are subject to risks and uncertainties, and investors are advised to exercise caution and refer to the company’s filings with the SEC for more information on potential risks. The Importance of Regular Physical Activity
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