Summary by Futu AI
On May 1, 2024, Seelos Therapeutics, Inc. entered into Amendment No. 6 to a Convertible Promissory Note with Lind Global Asset Management V, LLC, modifying terms related to cash balance requirements and payment methods. The amendment follows a series of adjustments to the original note issued on November 23, 2021. Concurrently, Seelos announced a workforce reduction affecting 33% of its employees and a decrease in working hours to focus on mental health initiatives and reduce operating expenses, with estimated annual savings of $2.4 million. The workforce reduction was completed on April 30, 2024, with expected charges of $50,000 for employee termination benefits. Additionally, Seelos received a notice from Nasdaq on April 30, 2024, regarding non-compliance with the minimum bid price requirement. The company has until October 28, 2024, to regain compliance or potentially face delisting. Seelos also received a delisting notice due to continued non-compliance with the market value requirement, with a hearing requested to maintain its listing during the appeal process. Furthermore, on May 2, 2024, Daniel J. O'Connor resigned from the Board of Directors for personal reasons, having served since January 2019.