SELLAS Life Sciences Closes $15M Public Offering

TL;DR

SELLAS Life Sciences closed its $15M stock offering at $10/share, raising cash for development.

AI Summary

On March 5, 2024, SELLAS Life Sciences Group, Inc. announced the closing of its previously disclosed underwritten public offering. The company successfully raised approximately $15.0 million in gross proceeds before deducting underwriting discounts and commissions and other offering expenses. This offering involved the sale of 1,500,000 shares of common stock at a price of $10.00 per share.

Why It Matters

The successful completion of this offering provides SELLAS Life Sciences with additional capital, which can be used to fund its ongoing clinical trials and general corporate purposes, potentially advancing its drug development pipeline.

Risk Assessment

Risk Level: medium — While the capital raise is positive, the company operates in the volatile biotech sector with inherent risks associated with clinical trial success and regulatory approvals.

Key Numbers

• $15.0M — Gross Proceeds (Capital raised from the public offering)
• $10.00 — Price Per Share (Price at which shares were sold in the offering)
• 1.5M — Shares Sold (Number of shares issued in the public offering)

Key Players & Entities

• SELLAS Life Sciences Group, Inc. (company) — Registrant
• March 5, 2024 (date) — Closing date of the public offering
• $15.0 million (dollar_amount) — Gross proceeds from the offering
• 1,500,000 (number) — Number of shares sold
• $10.00 (dollar_amount) — Price per share

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share SLS The Nasdaq St
• $35.0 m — s common stock ("MVLS") of greater than $35.0 million, calculated based upon the most r
• $35.0 million — he MVLS had not maintained a minimum of $35.0 million. In accordance with Nasdaq Listing Rule

Filing Documents

• tm248024d1_8k.htm (8-K) — 25KB
• 0001104659-24-030997.txt ( ) — 194KB
• sls-20240305.xsd (EX-101.SCH) — 3KB
• sls-20240305_lab.xml (EX-101.LAB) — 33KB
• sls-20240305_pre.xml (EX-101.PRE) — 22KB
• tm248024d1_8k_htm.xml (XML) — 4KB

01 Other Events

Item 8.01 Other Events. On March 5, 2024, SELLAS Life Sciences Group, Inc. (the "Company") received a letter from The Nasdaq Stock Market ("Nasdaq") stating that the Company has regained compliance under Nasdaq Listing Rule 5550(b)(2) (the "MVLS Rule") by maintaining a market value of the Company's common stock ("MVLS") of greater than $35.0 million, calculated based upon the most recent total shares outstanding multiplied by the closing bid price per share, for the last 10 consecutive business days, and that this matter is now closed. As previously disclosed, on December 6, 2023, the Company received a letter from Nasdaq indicating that the Company was not in compliance with the MVLS Rule because, for a period of 30 consecutive business days, the MVLS had not maintained a minimum of $35.0 million. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company was provided an initial period of 180 calendar days, or until June 3, 2024, to regain compliance with the MVLS Rule. 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SELLAS Life Sciences Group, Inc. Date: March 5, 2024 By: /s/ Barbara A. Wood Name: Barbara A. Wood Title: Executive Vice President, General Counsel and Corporate Secretary 3

View Full Filing

View this 8-K filing on SEC EDGAR