Seelos Therapeutics Announces $4.5M Registered Direct Offering Of Common Stock And Warrants To Purchase Common Stock
Portfolio Pulse from Benzinga Newsdesk
Seelos Therapeutics, Inc. (NASDAQ:SEEL) has announced a registered direct offering 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. The offering is expected to generate gross proceeds of approximately $4.5 million. The proceeds will be used for general corporate purposes, to advance the development of its product candidates and to repay approximately $0.7 million under a convertible promissory note.
September 21, 2023 | 1:10 pm
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Seelos Therapeutics is raising capital through a registered direct offering. The proceeds will be used for corporate purposes, product development, and debt repayment.
The news of the direct offering could have a neutral impact on Seelos Therapeutics' stock in the short term. While the capital raise will provide the company with additional resources for corporate purposes and product development, it could also lead to dilution of existing shareholders' equity. The repayment of debt is a positive aspect as it reduces financial risk.
CONFIDENCE 90
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RELEVANCE 100