Why Is SELLAS Life Sciences Stock Falling Today?
Synopsis
- The company announced the exercise of existing warrants held by an institutional investor.
- The investor will receive new registered warrants to purchase up to 22.4 million shares of its common stock at an exercise price of $2.00 for the exercise of existing warrants.
- The transaction is expected to close on or about October 28, the company said.
Shares of SELLAS Life Sciences Group, Inc. (SLS) slumped 5% on Monday after the company announced the exercise of existing warrants held by an institutional investor for $31 million in gross proceeds.
The warrants were previously issued in March and August 2024, the company said. The investor will receive new registered warrants to purchase up to 22.4 million shares of its common stock at an exercise price of $2.00 for the exercise of existing warrants.
The new warrants will be exercisable immediately and will expire five years from the date of issuance, the company said.
The closing of the transaction is expected to occur on or about October 28, it added.
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