Sellas Life Sciences dips after pricing $20M securities offering

Sellas Life Sciences Group (NASDAQ:SLS) shares fell 44% Friday morning after the biopharmaceutical company priced its $20M securities offering.
The offering comprises 7,220,217 shares of common stock and accompanying warrants to purchase up to 7,220,217 shares of common stock, issued at a combined public offering price of $2.77 per share and accompanying warrant.
The warrants are immediately exercisable at $2.77/share, and will expire five years from the date of issuance.
Gross proceeds are expected to be $20M, before deducting underwriting discounts and commissions and offering expenses.
The offering is expected to close on February 28, 2023, subject to the satisfaction of customary closing conditions.