secwatch.observer — SEC 8-K summary
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Issuer:     SEELOS THERAPEUTICS, INC. (—)
CIK:        0001017491
Form:       8-K
Filed at:   2024-05-03T23:59:59+00:00
Accession:  0001104659-24-057058
Event type: other_material
Sentiment:  negative
Materiality: 0.90
Item codes: 1.01, 2.05, 3.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Seelos receives Nasdaq delisting notice, cuts 33% of workforce, board member resigns
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- Nasdaq notified Seelos of delisting for non-compliance with minimum market value of listed securities rule; appeal to stay listing pending hearing.
- Workforce reduced ~33% plus reduced hours for remaining employees; annualized cost savings ~$2.4M; one-time charge ~$50k.
- Director Daniel J. O'Connor resigned from board effective May 2, 2024, citing personal reasons.
- Amendment to convertible note with Lind Global: no minimum cash balance until May 31, then 50% of outstanding principal; share conversion discount reduced to 85% of VWAP.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1017491/000110465924057058/0001104659-24-057058-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1017491/000110465924057058/tm2413461d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-057058

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer