Seelos Therapeutics (SEEL) just unveiled an update.
Seelos Therapeutics, Inc. has amended its Convertible Promissory Note with Lind Global Asset Management, adjusting financial requirements and payment terms, amidst a strategic shift towards mental health initiatives that included workforce reductions and cost-saving measures. Despite these changes, the company faces delisting from the Nasdaq Capital Market for not meeting minimum bid price and market value requirements, and is considering options like a reverse stock split to regain compliance. Meanwhile, board member Daniel J. O’Connor has resigned for personal reasons, with no disagreements cited regarding company operations.
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