Summary by Futu AI
On May 14, 2024, Seelos Therapeutics, Inc., a clinical-stage biopharmaceutical company, announced a 1-for-8 reverse stock split of its common stock, effective from 12:01 a.m. Eastern Time on May 16, 2024. The reverse stock split is aimed at regaining compliance with Nasdaq's minimum bid price requirement for continued listing. Post-split, the common stock will trade on the Nasdaq Capital Market under the same ticker symbol 'SEEL' with a new CUSIP number. The reverse split will convert every eight existing shares into one share of common stock, reducing the total number of issued and outstanding shares from approximately 17.4 million to about 2.2 million. No fractional shares will be issued; instead, they will be rounded up to the nearest whole share. The reverse split will also proportionately adjust the terms of the company's outstanding warrants, stock options, and equity incentive plans. Seelos Therapeutics focuses on developing therapies for central nervous system disorders and rare diseases, with several late-stage clinical assets targeting various medical conditions.