Seelos stock falls on ~$11.2M stock, warrants direct offering

Seelos Therapeutics (NASDAQ:SEEL) is planning to raise ~$11.24M in gross proceeds via a registered direct offering of its common stock and warrants.
The company signed an agreement with a life sciences-focused investment fund for selling ~12.06M common shares, pre-funded warrants exercisable for a total ~ 9.34M shares and common warrants exercisable for a total ~26.75M common stock.
The shares and accompanying common warrants are being sold at a combined price of $0.525 per share. The pre-funded warrants and accompanying common warrants are being sold at $0.524 per pre-funded warrant.
The common warrants will have an exercise price of $0.60 per share.
Seelos plans to use the net proceeds for general corporate purposes and to develop its product candidates.
The offering is expected to close by March 14.
SEEL -9.27% to $0.54 premarket March 10