Why Sellas Life Sciences Shares Are Nosediving

Sellas Life Sciences Group Inc SLS shares are trading lower by 52.57% to $1.75 Friday morning after the company announced pricing of a $20 million underwritten public offering.

What Else?

The company's public offering of 7,220,217 shares of its common stock and accompanying warrants to purchase up to 7,220,217 shares of common stock will be at a combined public offering price of $2.77 per share and accompanying warrant.

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Additionally, the warrants to purchase shares of common stock have an exercise price of $2.77 per share, are immediately exercisable and will expire five years from the date of issuance.

The offering is expected to close on February 28, subject to the satisfaction of customary closing conditions.

According to data from Benzinga Pro, SLS has a 52-week high of $7.40 and a 52-week low of $1.77.