Psychedelics biotech Seelos Therapeutics (NASDAQ: SEEL) announced the pricing of a new underwritten public offering for an estimated $5.5 million in gross proceeds. The offering is expected to close on or about Dec. 1, 2023.
On Tuesday, Seelos shares’ closing price was at $2.35, and Wednesday's opening price was $1.51, a nearly 35% decline. Daily price is currently ranging between low $1.35 and $1.40.
The company had previously announced a 1-for-30 reverse stock split of its outstanding common stock shares, effective Nov. 28, 2023, at 12:01 am ET, at which point stock began trading on a stock split-adjusted basis at market's opening ($2.71.)
The new offering, of which CEO Dr. Raj Mehra and other senior management are investors, pertains to 1,781,934 ...