Sellas Life Sciences plunges on $20 mln stock-and-warrants offering

Sellas Life Sciences

24/02/2023 13:54

** Sellas Life Sciences Group Inc's  SLS.O  shares plunge
50% to $1.84 premarket after overnight follow-on prices
    ** Cancer-focused biotech co sells ~7.2 mln shares and
warrants to buy up to same amount of shares at $2.77, 25%
discount to stock's last close
    ** 5-yr warrants immediately exercisable with exercise price
of $2.77
    ** Co has ~20.59 mln shares outstanding for ~$76 mln market
cap
    ** It plans to use net proceeds to help fund clinical
development of its product candidates, and for working capital
and other general purposes, per the prospectus filing
    ** Through Thurs close, shares had risen 56% YTD but are off
~37% over the past 12 months
    ** Cantor Fitzgerald sole bookrunner for offering
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))