On July 31, 2020 SELLAS Life Sciences Group, Inc. (Nasdaq: SLS) ("SELLAS" or the "Company"), a late-stage clinical biopharmaceutical company focused on the development of novel cancer immunotherapies for a broad range of cancer indications, reported that it has entered into securities purchase agreements with certain institutional and accredited investors to raise approximately $9.2 million through the private placement of up to 2,744,078 shares of its common stock and accompanying warrants to purchase an aggregate of 2,744,078 shares of common stock at a combined purchase price of $3.335 per share and accompanying warrant (Press release, Sellas Life Sciences, JUL 31, 2020, View Source [SID1234562642]). The warrants will be exercisable immediately at an exercise price of $3.30 per share and will expire five years from the effective date. The closing of the private placement is expected to occur on August 4, 2020 and is subject to the satisfaction of certain customary closing conditions set forth in the securities purchase agreements.
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Maxim Group LLC is acting as the sole placement agent for the transaction.
The shares of common stock and warrants described above have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (SEC) or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the SEC covering the resale of the shares of common stock and the shares issuable upon exercise of the warrants.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.