Sellas Life Sciences Group Inc (SLS)

SELLAS Life Sciences Group Inc (SLS) stock dropped by 35.77% due to an announcement regarding a public offering. The company, a late-stage clinical biopharmaceutical firm specializing in novel cancer therapies, disclosed the pricing of its previously announced public offering, involving the purchase and sale of 12,000,000 shares of common stock (or common stock equivalents) along with accompanying warrants to acquire up to 12,000,000 shares of common stock. These were offered at a combined price of $0.75 per share and accompanying warrant, resulting in total gross proceeds of $9.0 million before accounting for placement agent commissions and other estimated offering expenses. The warrants associated with the offering hold an exercise price of $0.75 per share, are immediately exercisable, and have a five-year expiration period from the date of issuance. The offering is being facilitated by A.G.P./Alliance Global Partners, serving as the sole placement agent. The closing of the offering is slated to take place on or around January 8, 2024, contingent upon the fulfillment of customary closing conditions. This announcement regarding the public offering was the primary factor behind the sharp decline in SELLAS Life Sciences Group Inc's stock value.

Sellas Life Sciences Group (SLS) dropped by 16.37% from $1.16 to $0.97 in the trading on Tuesday October 31, 2023. The reason why SLS stock down today is due to the direct offering. Sellas Life Sciences today announces $4 million registered direct offering. The closing of the offering is expected to occur on or about November 2, 2023.