Seelos Therapeutics, Inc. (SEEL), a biopharmaceutical company, revealed on Friday that they have finalized agreements with several institutional investors. They aim to offer approximately 3.4 million shares in a registered direct offering and secure $4 million. The private placement will be priced at the Nasdaq regulated market price.
Following this news, Seelos Therapeutics' shares on the Nasdaq experienced a 6 percent drop, landing at $0.98 per share.
In this private placement, Seelos Therapeutics is planning to include warrants valid for up to 3.4 million shares. These will be priced at $1.05 per share and can be exercised within a 5-year period from the date of first execution.
Regarding the funds raised from these endeavors, the company intends to direct them toward multiple areas. These include product development, settling debts and outstanding convertible promissory notes, and other corporate needs.
The offering is currently scheduled to be closed on or around January 30.
Alliance Group Partners has been appointed as the exclusive placement agent for this offering.
