Seelos Therapeutics falls on deep-discounted stock offering

Seelos Therapeutics

26/01/2021 13:59

** Seelos Therapeutics  SEEL.O  down >12% premarket after co
prices follow-on. Stock set to snap 6-session winning streak
    ** SEEL sells ~15.2 mln shares at $2.05, ~23% discount to
stock's Mon close  urn:newsml:reuters.com:*:nPn646GGba
    ** Co plans to use anticipated net offering proceeds of $29
mln to partially repay debt, remainder for general corp purposes
and to advance development of its product candidates
    ** BTIG sole bookrunner
    ** SEEL has ~53.4 mln shares outstanding and ~48.3 mln of
free float, per Refinitiv data
    ** Shares have gained 85% since co on Jan 15 reported dosing
first patients in depression drug trial  urn:newsml:reuters.com:*:nL4N2JQ32L

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))