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  4. [8-K] SeaStar Medical Holding Corporation Reports Material Event

[8-K] SeaStar Medical Holding Corporation Reports Material Event

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

SeaStar Medical Holding Corporation (NASDAQ: ICU) filed an 8-K detailing three material developments that collectively strengthen short-term liquidity but introduce meaningful future dilution.

1. $6.15 million unit offering: On 20 June 2025 the company priced and, on 23 June, closed a best-efforts public offering of 4,935,385 common shares and 1,218,462 pre-funded warrants, each paired with one five-year Series A warrant and one 18-month Series B warrant. The units were sold at $0.65 (or $0.6499 for the pre-funded alternative). In total 12,307,694 new warrants were issued with a $0.65 strike price, while the pre-funded warrants carry a $0.0001 strike. H.C. Wainwright acted as placement agent, receiving a 7 % cash fee, a 1 % management fee, reimbursable expenses and 430,769 placement-agent warrants exercisable at $0.8125 until 2030.

Proceeds & use of funds: Net cash to SeaStar is estimated at $3.39 million after fees. Management believes existing cash plus the raise will fund operations into November 2025. The purchase agreement limits additional share issuances for 60 days and prohibits variable-rate financings for 12 months, reducing short-term overhang risk.

2. Cost-containment actions: Effective 17 June 2025, the board approved a 20 % reduction in CEO, CFO, CMO and director cash compensation, lowering monthly operating expenses by roughly $50,000. Together with earlier liability waivers that eliminated about $1.2 million in unpaid bonuses and fees, the company expects materially lower cash burn.

3. Nasdaq compliance update: Following a March 2025 hearing, SeaStar had until 22 June 2025 to restore stockholders鈥� equity above $2.5 million. Management asserts that the recent capital raise, liability extinguishment, expanding QUELIMMUNE revenues (six customers in Q2) and cost cuts place the company back in compliance with Listing Rule 5550(b).

Investment takeaways:

  • The transaction alleviates immediate liquidity risk but extends the fully-diluted share count by up to 13 million shares (including placement-agent warrants).
  • Cash runway remains relatively short (鈮� 5 months) and future capital will likely be required once warrant exercises or the $15 million Lincoln Park equity facility are tapped.
  • Management compensation cuts signal shareholder alignment and aggressive expense discipline.
  • Nasdaq listing status is tentatively secure, removing a key technical overhang.

SeaStar Medical Holding Corporation (NASDAQ: ICU) ha depositato un modulo 8-K che descrive tre sviluppi significativi che, nel complesso, rafforzano la liquidit脿 a breve termine ma introducono una diluizione futura rilevante.

1. Offerta di unit脿 da 6,15 milioni di dollari: Il 20 giugno 2025 la societ脿 ha fissato il prezzo e, il 23 giugno, ha concluso un'offerta pubblica best-efforts di 4.935.385 azioni ordinarie e 1.218.462 warrant pre-finanziati, ciascuno abbinato a un warrant Serie A quinquennale e un warrant Serie B della durata di 18 mesi. Le unit脿 sono state vendute a 0,65 $ (o 0,6499 $ per l'alternativa pre-finanziata). In totale sono stati emessi 12.307.694 nuovi warrant con prezzo di esercizio di 0,65 $, mentre i warrant pre-finanziati hanno un prezzo di esercizio di 0,0001 $. H.C. Wainwright ha agito come agente di collocamento, ricevendo una commissione in contanti del 7%, una commissione di gestione dell'1%, spese rimborsabili e 430.769 warrant per l'agente di collocamento esercitabili a 0,8125 $ fino al 2030.

Proventi e utilizzo dei fondi: Il netto in contanti per SeaStar 猫 stimato in 3,39 milioni di dollari dopo le commissioni. La direzione ritiene che la liquidit脿 attuale pi霉 i fondi raccolti finanzieranno le operazioni fino a novembre 2025. L'accordo di acquisto limita ulteriori emissioni di azioni per 60 giorni e vieta finanziamenti a tasso variabile per 12 mesi, riducendo il rischio di pressione azionaria a breve termine.

2. Azioni di contenimento dei costi: A partire dal 17 giugno 2025, il consiglio ha approvato una riduzione del 20% della retribuzione in contanti per CEO, CFO, CMO e direttori, riducendo le spese operative mensili di circa 50.000 dollari. Insieme alle precedenti rinunce di passivit脿 che hanno eliminato circa 1,2 milioni di dollari in bonus e commissioni non pagate, la societ脿 prevede un significativo calo del cash burn.

3. Aggiornamento sulla conformit脿 Nasdaq: Dopo un'udienza di marzo 2025, SeaStar aveva tempo fino al 22 giugno 2025 per riportare il patrimonio netto degli azionisti sopra i 2,5 milioni di dollari. La direzione afferma che la recente raccolta di capitale, l'estinzione delle passivit脿, l'espansione dei ricavi di QUELIMMUNE (sei clienti nel secondo trimestre) e i tagli ai costi riportano la societ脿 in conformit脿 con la Regola di quotazione 5550(b).

Considerazioni per gli investitori:

  • L'operazione allevia il rischio di liquidit脿 immediato ma aumenta il numero di azioni completamente diluite fino a 13 milioni (inclusi i warrant dell'agente di collocamento).
  • La liquidit脿 disponibile rimane relativamente limitata (circa 5 mesi) e probabilmente sar脿 necessario ulteriore capitale una volta esercitati i warrant o utilizzata la linea di credito azionaria da 15 milioni di Lincoln Park.
  • I tagli alle retribuzioni della direzione segnalano un allineamento con gli azionisti e una disciplina rigorosa delle spese.
  • Lo status di quotazione Nasdaq 猫 temporaneamente garantito, eliminando un importante ostacolo tecnico.

SeaStar Medical Holding Corporation (NASDAQ: ICU) present贸 un formulario 8-K detallando tres desarrollos materiales que, en conjunto, fortalecen la liquidez a corto plazo pero introducen una diluci贸n futura significativa.

1. Oferta de unidades por $6.15 millones: El 20 de junio de 2025 la compa帽铆a fij贸 el precio y, el 23 de junio, cerr贸 una oferta p煤blica de mejores esfuerzos de 4,935,385 acciones comunes y 1,218,462 warrants prefinanciados, cada uno acompa帽ado por un warrant Serie A a cinco a帽os y un warrant Serie B de 18 meses. Las unidades se vendieron a $0.65 (o $0.6499 para la alternativa prefinanciada). En total se emitieron 12,307,694 nuevos warrants con precio de ejercicio de $0.65, mientras que los warrants prefinanciados tienen un precio de ejercicio de $0.0001. H.C. Wainwright actu贸 como agente colocador, recibiendo una comisi贸n en efectivo del 7 %, una comisi贸n de gesti贸n del 1 %, gastos reembolsables y 430,769 warrants para el agente colocador ejercitables a $0.8125 hasta 2030.

Ingresos y uso de fondos: El efectivo neto para SeaStar se estima en $3.39 millones despu茅s de comisiones. La gerencia cree que el efectivo existente m谩s la recaudaci贸n financiar谩n las operaciones hasta noviembre de 2025. El acuerdo de compra limita emisiones adicionales de acciones por 60 d铆as y proh铆be financiamientos a tasa variable por 12 meses, reduciendo el riesgo de presi贸n a corto plazo.

2. Acciones de contenci贸n de costos: A partir del 17 de junio de 2025, la junta aprob贸 una reducci贸n del 20 % en la compensaci贸n en efectivo para CEO, CFO, CMO y directores, reduciendo los gastos operativos mensuales en aproximadamente $50,000. Junto con renuncias previas de pasivos que eliminaron cerca de $1.2 millones en bonos y honorarios no pagados, la compa帽铆a espera una reducci贸n material en el gasto de efectivo.

3. Actualizaci贸n de cumplimiento con Nasdaq: Tras una audiencia en marzo de 2025, SeaStar ten铆a hasta el 22 de junio de 2025 para restaurar el patrimonio neto de los accionistas por encima de $2.5 millones. La gerencia afirma que la reciente recaudaci贸n de capital, la extinci贸n de pasivos, la expansi贸n de ingresos de QUELIMMUNE (seis clientes en el segundo trimestre) y los recortes de costos ponen a la compa帽铆a nuevamente en cumplimiento con la Regla de Listado 5550(b).

Conclusiones para inversores:

  • La transacci贸n alivia el riesgo inmediato de liquidez pero extiende el conteo total de acciones diluidas hasta en 13 millones (incluyendo warrants para el agente colocador).
  • La liquidez disponible sigue siendo relativamente corta (鈮� 5 meses) y probablemente se requerir谩 capital futuro una vez que se ejerzan los warrants o se utilice la l铆nea de capital de $15 millones de Lincoln Park.
  • Los recortes en la compensaci贸n de la gerencia se帽alan alineaci贸n con los accionistas y disciplina agresiva en gastos.
  • El estatus de cotizaci贸n en Nasdaq est谩 tentativamente asegurado, eliminando un importante riesgo t茅cnico.

SeaStar Medical Holding Corporation (NASDAQ: ICU)電� 雼赴 鞙犽彊靹膘潉 臧曧檾頃橃毵� 頄ロ泟 頋劃 臧�電レ劚鞚� 韥� 靹� 臧�歆� 欤检殧 靷暛鞚� 靸侅劯頌� 靹る獏頃� 8-K毳� 鞝滌稖頄堨姷雼堧嫟.

1. 615毵� 雼煬 雼渼 瓿惦: 2025雲� 6鞗� 20鞚� 須岇偓電� 4,935,385欤� 氤错喌欤检檧 1,218,462欤� 靹犽偐 鞗岆煱韸�(臧侁皝 5雲� 毵岅赴 鞁滊Μ歃� A 鞗岆煱韸� 1臧�, 18臧滌洈 毵岅赴 鞁滊Μ歃� B 鞗岆煱韸� 1臧滌檧 瓴绊暕)毳� 斓滌劆鞚� 雲鸽牓鞙茧 瓿惦臧�毳� 毂呾爼頄堦碃, 6鞗� 23鞚检棎 瓯半灅毳� 毵堦皭頄堨姷雼堧嫟. 雼渼雼� 臧�瓴╈潃 0.65雼煬(靹犽偐 鞗岆煱韸鸽姅 0.6499雼煬)鞓�鞀惦媹雼�. 齑� 12,307,694臧滌潣 鞁犼窚 鞗岆煱韸戈皜 頄夓偓臧� 0.65雼煬搿� 氚滍枆霅橃棃鞙茧┌, 靹犽偐 鞗岆煱韸鸽姅 0.0001雼煬 頄夓偓臧�毳� 臧�歆戨媹雼�. H.C. Wainwright臧� 鞚胳垬 雽�頄夓偓搿� 彀胳棳頃� 7% 順勱笀 靾橃垬耄�, 1% 甏�毽� 靾橃垬耄�, 牍勳毄 頇橁笁 氚� 2030雲勱箤歆� 頄夓偓 臧�電ロ暅 430,769臧滌潣 鞚胳垬 雽�頄夓偓 鞗岆煱韸鸽ゼ 氚涭晿鞀惦媹雼�.

靾橃澋 氚� 鞛愱笀 靷毄: 靾橃垬耄� 瓿奠牅 頉� SeaStar臧� 頇曤炒頃橂姅 靾滍槃旮堨潃 鞎� 339毵� 雼煬搿� 於旍偘霅╇媹雼�. 瓴届榿歆勳潃 旮办〈 順勱笀瓿� 鞚措矆 鞛愱笀 臁半嫭搿� 2025雲� 11鞗旉箤歆赌 鞖挫榿 鞛愱笀鞚� 頇曤炒頃� 靾� 鞛堧嫟瓿� 氤搓碃 鞛堨姷雼堧嫟. 毵るГ 瓿勳暯鞚� 60鞚缄皠 於旉皜 欤检嫕 氚滍枆鞚� 鞝滍暅頃橂┌, 12臧滌洈臧� 氤�霃� 旮堧Μ 鞛愱笀 臁半嫭鞚� 旮堨頃� 雼赴 攵�雼� 鞙勴棙鞚� 雮顶雼堧嫟.

2. 牍勳毄 鞝堦皭 臁办箻: 2025雲� 6鞗� 17鞚茧秬韯� 鞚挫偓須岆姅 CEO, CFO, CMO 氚� 鞚挫偓霌れ潣 順勱笀 氤挫垬毳� 20% 臧愳稌頃橂姅 鞎堨潉 鞀轨澑頃橃棳 鞗� 鞖挫榿牍勲ゼ 鞎� 5毵� 雼煬 鞝堦皭頄堨姷雼堧嫟. 鞚挫爠鞐� 氙胳旮� 氤措剤鞀� 氚� 靾橃垬耄� 鞎� 120毵� 雼煬毳� 韽赴頃� 瓴冴臣 頃粯 須岇偓電� 順勱笀 靻岇鞚� 韥矊 欷勳澕 瓴冹溂搿� 旮半寑頃╇媹雼�.

3. 雮橃姢雼� 靸侅灔 攴滌爼 欷�靾� 鞐呺嵃鞚错姼: 2025雲� 3鞗� 觳須� 鞚错泟 SeaStar電� 2025雲� 6鞗� 22鞚缄箤歆� 欤检＜ 歆�攵勳潉 250毵� 雼煬 鞚挫儊鞙茧 須岆车頃挫暭 頄堨姷雼堧嫟. 瓴届榿歆勳潃 斓滉芳 鞛愲掣 臁半嫭, 攵�毂� 靻岆└, QUELIMMUNE 毵れ稖 歃濌皜(2攵勱赴 6臧� 瓿犼皾 頇曤炒) 氚� 牍勳毄 鞝堦皭鞙茧 須岇偓臧� 靸侅灔 攴滌箼 5550(b)毳� 雼れ嫓 欷�靾橅晿瓴� 霅橃棃雼り碃 欤检灔頃╇媹雼�.

韴瀽 韽澑韸�:

  • 鞚措矆 瓯半灅電� 歃夑皝鞝侅澑 鞙犽彊靹� 鞙勴棙鞚� 鞕勴檾頃橃毵�, 鞕勳爠 頋劃 欤检嫕 靾橂ゼ 斓滊寑 1,300毵� 欤�(鞚胳垬 雽�頄夓偓 鞗岆煱韸� 韽暔)旯岇 電橂雼堧嫟.
  • 順勱笀 靻岇 旮瓣皠鞚� 牍勱祼鞝� 歆ъ晞(鞎� 5臧滌洈) 鞗岆煱韸� 頄夓偓 霕愲姅 1,500毵� 雼煬 Lincoln Park 欤检嫕 鞁滌劋 靷毄 鞁� 於旉皜 鞛愲掣 臁半嫭鞚� 頃勳殧頃� 臧�電レ劚鞚� 雴掛姷雼堧嫟.
  • 瓴届榿歆� 氤挫垬 靷皭鞚� 欤检＜鞕�鞚� 鞚错暣甏�瓿� 鞚检箻 氚� 臧曤牓頃� 牍勳毄 鞝堦皭 鞚橃毳� 雮橅儉雰呺媹雼�.
  • 雮橃姢雼� 靸侅灔 靸來儨電� 鞛犾爼鞝侅溂搿� 鞎堨爠頃橂┌, 欤检殧 旮办垹鞝� 攵�雼挫澊 頃挫唽霅橃棃鞀惦媹雼�.

SeaStar Medical Holding Corporation (NASDAQ : ICU) a d茅pos茅 un formulaire 8-K d茅taillant trois 茅v茅nements importants qui renforcent collectivement la liquidit茅 脿 court terme mais entra卯nent une dilution future significative.

1. Offre d鈥檜nit茅s de 6,15 millions de dollars : Le 20 juin 2025, la soci茅t茅 a fix茅 le prix et, le 23 juin, a cl么tur茅 une offre publique 芦 best-efforts 禄 de 4 935 385 actions ordinaires et 1 218 462 bons de souscription pr茅financ茅s, chacun assorti d鈥檜n bon de souscription S茅rie A d鈥檜ne dur茅e de cinq ans et d鈥檜n bon de souscription S茅rie B de 18 mois. Les unit茅s ont 茅t茅 vendues 脿 0,65 $ (ou 0,6499 $ pour l鈥檃lternative pr茅financ茅e). Au total, 12 307 694 nouveaux bons de souscription ont 茅t茅 茅mis avec un prix d鈥檈xercice de 0,65 $, tandis que les bons pr茅financ茅s ont un prix d鈥檈xercice de 0,0001 $. H.C. Wainwright a agi en tant qu鈥檃gent de placement, recevant une commission en esp猫ces de 7 %, une commission de gestion de 1 %, des frais remboursables et 430 769 bons de souscription pour l鈥檃gent de placement exer莽ables 脿 0,8125 $ jusqu鈥檈n 2030.

Produits et utilisation des fonds : Le produit net en esp猫ces pour SeaStar est estim茅 脿 3,39 millions de dollars apr猫s commissions. La direction estime que la tr茅sorerie existante plus la lev茅e de fonds financeront les op茅rations jusqu鈥檈n novembre 2025. L鈥檃ccord d鈥檃chat limite les 茅missions suppl茅mentaires d鈥檃ctions pendant 60 jours et interdit les financements 脿 taux variable pendant 12 mois, r茅duisant ainsi le risque de surabondance 脿 court terme.

2. Mesures de r茅duction des co没ts : 脌 compter du 17 juin 2025, le conseil d鈥檃dministration a approuv茅 une r茅duction de 20 % des r茅mun茅rations en esp猫ces du PDG, du directeur financier, du directeur m茅dical et des administrateurs, r茅duisant les d茅penses op茅rationnelles mensuelles d鈥檈nviron 50 000 $. Avec les renonciations ant茅rieures aux passifs qui ont 茅limin茅 environ 1,2 million de dollars de primes et honoraires impay茅s, la soci茅t茅 pr茅voit une r茅duction significative de sa consommation de tr茅sorerie.

3. Mise 脿 jour de la conformit茅 Nasdaq : Suite 脿 une audience en mars 2025, SeaStar devait restaurer les capitaux propres des actionnaires au-dessus de 2,5 millions de dollars avant le 22 juin 2025. La direction affirme que la r茅cente lev茅e de fonds, l鈥檈xtinction des passifs, l鈥檈xpansion des revenus de QUELIMMUNE (six clients au deuxi猫me trimestre) et les r茅ductions de co没ts remettent la soci茅t茅 en conformit茅 avec la r猫gle de cotation 5550(b).

Points cl茅s pour les investisseurs :

  • La transaction soulage le risque de liquidit茅 imm茅diat mais augmente le nombre total d鈥檃ctions dilu茅es jusqu鈥櫭� 13 millions (y compris les bons de souscription de l鈥檃gent de placement).
  • La tr茅sorerie disponible reste relativement limit茅e (environ 5 mois) et un financement futur sera probablement n茅cessaire une fois que les bons seront exerc茅s ou que la facilit茅 de 15 millions de dollars de Lincoln Park sera utilis茅e.
  • Les r茅ductions de r茅mun茅ration de la direction signalent un alignement avec les actionnaires et une discipline rigoureuse des d茅penses.
  • Le statut de cotation Nasdaq est provisoirement s茅curis茅, supprimant un obstacle technique majeur.

SeaStar Medical Holding Corporation (NASDAQ: ICU) hat ein 8-K eingereicht, das drei wesentliche Entwicklungen beschreibt, die zusammen die kurzfristige Liquidit盲t st盲rken, aber eine bedeutende zuk眉nftige Verw盲sserung mit sich bringen.

1. 6,15 Millionen Dollar Unit-Angebot: Am 20. Juni 2025 hat das Unternehmen den Preis festgelegt und am 23. Juni eine Best-Efforts-脰ffentlichkeitsangebot von 4.935.385 Stammaktien und 1.218.462 vorfinanzierten Warrants abgeschlossen, jeweils gekoppelt mit einem f眉nfj盲hrigen Serie A-Warrant und einem 18-monatigen Serie B-Warrant. Die Einheiten wurden zu 0,65 $ (bzw. 0,6499 $ f眉r die vorfinanzierte Alternative) verkauft. Insgesamt wurden 12.307.694 neue Warrants mit einem Aus眉bungspreis von 0,65 $ ausgegeben, w盲hrend die vorfinanzierten Warrants einen Aus眉bungspreis von 0,0001 $ haben. H.C. Wainwright fungierte als Platzierungsagent und erhielt eine Barprovision von 7 %, eine Verwaltungsgeb眉hr von 1 %, erstattungsf盲hige Kosten sowie 430.769 Platzierungsagenten-Warrants, die bis 2030 zu 0,8125 $ ausge眉bt werden k枚nnen.

Erl枚se und Verwendung der Mittel: Der Nettobetrag f眉r SeaStar wird nach Geb眉hren auf 3,39 Millionen Dollar gesch盲tzt. Das Management geht davon aus, dass die vorhandenen Mittel plus die Kapitalerh枚hung die Gesch盲ftst盲tigkeit bis November 2025 finanzieren werden. Die Kaufvereinbarung beschr盲nkt zus盲tzliche Aktienausgaben f眉r 60 Tage und verbietet variabel verzinste Finanzierungen f眉r 12 Monate, was das Risiko eines kurzfristigen Angebots眉berhangs verringert.

2. Kostensenkungsma脽nahmen: Ab dem 17. Juni 2025 genehmigte der Vorstand eine 20 %ige Reduzierung der Barverg眉tung f眉r CEO, CFO, CMO und Direktoren, wodurch die monatlichen Betriebskosten um etwa 50.000 Dollar gesenkt werden. Zusammen mit fr眉heren Haftungsverzichten, die etwa 1,2 Millionen Dollar an unbezahlten Boni und Geb眉hren eliminierten, erwartet das Unternehmen einen deutlich geringeren Cash-Burn.

3. Nasdaq-Compliance-Update: Nach einer Anh枚rung im M盲rz 2025 hatte SeaStar bis zum 22. Juni 2025 Zeit, das Eigenkapital der Aktion盲re auf 眉ber 2,5 Millionen Dollar zu bringen. Das Management behauptet, dass die j眉ngste Kapitalerh枚hung, die Tilgung von Verbindlichkeiten, die steigenden QUELIMMUNE-Ums盲tze (sechs Kunden im zweiten Quartal) und die Kostensenkungen das Unternehmen wieder in Einklang mit der Listing-Regel 5550(b) bringen.

Investment-Highlights:

  • Die Transaktion lindert das unmittelbare Liquidit盲tsrisiko, erh枚ht jedoch die vollst盲ndig verw盲sserte Aktienzahl um bis zu 13 Millionen Aktien (einschlie脽lich Platzierungsagenten-Warrants).
  • Die Cash-Runway bleibt relativ kurz (鈮� 5 Monate) und zuk眉nftiges Kapital wird wahrscheinlich ben枚tigt, sobald Warrants ausge眉bt oder die 15-Millionen-Dollar-Lincoln-Park-Aktienfazilit盲t genutzt wird.
  • Die K眉rzungen bei der Managementverg眉tung signalisieren Aktion盲rsausrichtung und strenge Ausgabendisziplin.
  • Der Nasdaq-Listing-Status ist vorl盲ufig gesichert und beseitigt einen wichtigen technischen 脺berhang.
Positive
  • None.
Negative
  • None.

Insights

TL;DR: Small cash infusion extends runway to Nov-25, reduces delisting risk, but heavy warrant overhang caps near-term upside; net impact modestly positive.

The $3.39 million net raise plus $50k/month cost savings push projected cash needs into Q4-25, buying management time to grow QUELIMMUNE sales or secure larger financing. Yet the structure is highly dilutive: if all 12.3 million warrants are exercised, shares outstanding could more than double at $0.65, capping equity appreciation. Restrictions on variable-rate deals for one year are shareholder-friendly, while the compensation reductions demonstrate cost discipline. Overall, the filing is incrementally positive because it lowers existential risk and addresses Nasdaq compliance, but it does not materially change the long-term funding gap.

TL;DR: Board-approved 20 % pay cuts and liability waivers strengthen governance optics and align management with shareholders.

The decision to cut executive and director cash compensation by 20 % and to extinguish $1.2 million in accrued bonuses/fees is a rare proactive move in micro-caps facing liquidity strain. It signals accountability and conserves roughly $600k annualized. Coupled with the 60-day lock-up and year-long ban on variable-rate issuance, the offering terms mitigate predatory financing practices typical in distressed issuers. However, future dilution from sizeable warrant coverage remains a governance concern. On balance, the actions reflect improved oversight and discipline, meriting a neutral-to-positive governance assessment.

SeaStar Medical Holding Corporation (NASDAQ: ICU) ha depositato un modulo 8-K che descrive tre sviluppi significativi che, nel complesso, rafforzano la liquidit脿 a breve termine ma introducono una diluizione futura rilevante.

1. Offerta di unit脿 da 6,15 milioni di dollari: Il 20 giugno 2025 la societ脿 ha fissato il prezzo e, il 23 giugno, ha concluso un'offerta pubblica best-efforts di 4.935.385 azioni ordinarie e 1.218.462 warrant pre-finanziati, ciascuno abbinato a un warrant Serie A quinquennale e un warrant Serie B della durata di 18 mesi. Le unit脿 sono state vendute a 0,65 $ (o 0,6499 $ per l'alternativa pre-finanziata). In totale sono stati emessi 12.307.694 nuovi warrant con prezzo di esercizio di 0,65 $, mentre i warrant pre-finanziati hanno un prezzo di esercizio di 0,0001 $. H.C. Wainwright ha agito come agente di collocamento, ricevendo una commissione in contanti del 7%, una commissione di gestione dell'1%, spese rimborsabili e 430.769 warrant per l'agente di collocamento esercitabili a 0,8125 $ fino al 2030.

Proventi e utilizzo dei fondi: Il netto in contanti per SeaStar 猫 stimato in 3,39 milioni di dollari dopo le commissioni. La direzione ritiene che la liquidit脿 attuale pi霉 i fondi raccolti finanzieranno le operazioni fino a novembre 2025. L'accordo di acquisto limita ulteriori emissioni di azioni per 60 giorni e vieta finanziamenti a tasso variabile per 12 mesi, riducendo il rischio di pressione azionaria a breve termine.

2. Azioni di contenimento dei costi: A partire dal 17 giugno 2025, il consiglio ha approvato una riduzione del 20% della retribuzione in contanti per CEO, CFO, CMO e direttori, riducendo le spese operative mensili di circa 50.000 dollari. Insieme alle precedenti rinunce di passivit脿 che hanno eliminato circa 1,2 milioni di dollari in bonus e commissioni non pagate, la societ脿 prevede un significativo calo del cash burn.

3. Aggiornamento sulla conformit脿 Nasdaq: Dopo un'udienza di marzo 2025, SeaStar aveva tempo fino al 22 giugno 2025 per riportare il patrimonio netto degli azionisti sopra i 2,5 milioni di dollari. La direzione afferma che la recente raccolta di capitale, l'estinzione delle passivit脿, l'espansione dei ricavi di QUELIMMUNE (sei clienti nel secondo trimestre) e i tagli ai costi riportano la societ脿 in conformit脿 con la Regola di quotazione 5550(b).

Considerazioni per gli investitori:

  • L'operazione allevia il rischio di liquidit脿 immediato ma aumenta il numero di azioni completamente diluite fino a 13 milioni (inclusi i warrant dell'agente di collocamento).
  • La liquidit脿 disponibile rimane relativamente limitata (circa 5 mesi) e probabilmente sar脿 necessario ulteriore capitale una volta esercitati i warrant o utilizzata la linea di credito azionaria da 15 milioni di Lincoln Park.
  • I tagli alle retribuzioni della direzione segnalano un allineamento con gli azionisti e una disciplina rigorosa delle spese.
  • Lo status di quotazione Nasdaq 猫 temporaneamente garantito, eliminando un importante ostacolo tecnico.

SeaStar Medical Holding Corporation (NASDAQ: ICU) present贸 un formulario 8-K detallando tres desarrollos materiales que, en conjunto, fortalecen la liquidez a corto plazo pero introducen una diluci贸n futura significativa.

1. Oferta de unidades por $6.15 millones: El 20 de junio de 2025 la compa帽铆a fij贸 el precio y, el 23 de junio, cerr贸 una oferta p煤blica de mejores esfuerzos de 4,935,385 acciones comunes y 1,218,462 warrants prefinanciados, cada uno acompa帽ado por un warrant Serie A a cinco a帽os y un warrant Serie B de 18 meses. Las unidades se vendieron a $0.65 (o $0.6499 para la alternativa prefinanciada). En total se emitieron 12,307,694 nuevos warrants con precio de ejercicio de $0.65, mientras que los warrants prefinanciados tienen un precio de ejercicio de $0.0001. H.C. Wainwright actu贸 como agente colocador, recibiendo una comisi贸n en efectivo del 7 %, una comisi贸n de gesti贸n del 1 %, gastos reembolsables y 430,769 warrants para el agente colocador ejercitables a $0.8125 hasta 2030.

Ingresos y uso de fondos: El efectivo neto para SeaStar se estima en $3.39 millones despu茅s de comisiones. La gerencia cree que el efectivo existente m谩s la recaudaci贸n financiar谩n las operaciones hasta noviembre de 2025. El acuerdo de compra limita emisiones adicionales de acciones por 60 d铆as y proh铆be financiamientos a tasa variable por 12 meses, reduciendo el riesgo de presi贸n a corto plazo.

2. Acciones de contenci贸n de costos: A partir del 17 de junio de 2025, la junta aprob贸 una reducci贸n del 20 % en la compensaci贸n en efectivo para CEO, CFO, CMO y directores, reduciendo los gastos operativos mensuales en aproximadamente $50,000. Junto con renuncias previas de pasivos que eliminaron cerca de $1.2 millones en bonos y honorarios no pagados, la compa帽铆a espera una reducci贸n material en el gasto de efectivo.

3. Actualizaci贸n de cumplimiento con Nasdaq: Tras una audiencia en marzo de 2025, SeaStar ten铆a hasta el 22 de junio de 2025 para restaurar el patrimonio neto de los accionistas por encima de $2.5 millones. La gerencia afirma que la reciente recaudaci贸n de capital, la extinci贸n de pasivos, la expansi贸n de ingresos de QUELIMMUNE (seis clientes en el segundo trimestre) y los recortes de costos ponen a la compa帽铆a nuevamente en cumplimiento con la Regla de Listado 5550(b).

Conclusiones para inversores:

  • La transacci贸n alivia el riesgo inmediato de liquidez pero extiende el conteo total de acciones diluidas hasta en 13 millones (incluyendo warrants para el agente colocador).
  • La liquidez disponible sigue siendo relativamente corta (鈮� 5 meses) y probablemente se requerir谩 capital futuro una vez que se ejerzan los warrants o se utilice la l铆nea de capital de $15 millones de Lincoln Park.
  • Los recortes en la compensaci贸n de la gerencia se帽alan alineaci贸n con los accionistas y disciplina agresiva en gastos.
  • El estatus de cotizaci贸n en Nasdaq est谩 tentativamente asegurado, eliminando un importante riesgo t茅cnico.

SeaStar Medical Holding Corporation (NASDAQ: ICU)電� 雼赴 鞙犽彊靹膘潉 臧曧檾頃橃毵� 頄ロ泟 頋劃 臧�電レ劚鞚� 韥� 靹� 臧�歆� 欤检殧 靷暛鞚� 靸侅劯頌� 靹る獏頃� 8-K毳� 鞝滌稖頄堨姷雼堧嫟.

1. 615毵� 雼煬 雼渼 瓿惦: 2025雲� 6鞗� 20鞚� 須岇偓電� 4,935,385欤� 氤错喌欤检檧 1,218,462欤� 靹犽偐 鞗岆煱韸�(臧侁皝 5雲� 毵岅赴 鞁滊Μ歃� A 鞗岆煱韸� 1臧�, 18臧滌洈 毵岅赴 鞁滊Μ歃� B 鞗岆煱韸� 1臧滌檧 瓴绊暕)毳� 斓滌劆鞚� 雲鸽牓鞙茧 瓿惦臧�毳� 毂呾爼頄堦碃, 6鞗� 23鞚检棎 瓯半灅毳� 毵堦皭頄堨姷雼堧嫟. 雼渼雼� 臧�瓴╈潃 0.65雼煬(靹犽偐 鞗岆煱韸鸽姅 0.6499雼煬)鞓�鞀惦媹雼�. 齑� 12,307,694臧滌潣 鞁犼窚 鞗岆煱韸戈皜 頄夓偓臧� 0.65雼煬搿� 氚滍枆霅橃棃鞙茧┌, 靹犽偐 鞗岆煱韸鸽姅 0.0001雼煬 頄夓偓臧�毳� 臧�歆戨媹雼�. H.C. Wainwright臧� 鞚胳垬 雽�頄夓偓搿� 彀胳棳頃� 7% 順勱笀 靾橃垬耄�, 1% 甏�毽� 靾橃垬耄�, 牍勳毄 頇橁笁 氚� 2030雲勱箤歆� 頄夓偓 臧�電ロ暅 430,769臧滌潣 鞚胳垬 雽�頄夓偓 鞗岆煱韸鸽ゼ 氚涭晿鞀惦媹雼�.

靾橃澋 氚� 鞛愱笀 靷毄: 靾橃垬耄� 瓿奠牅 頉� SeaStar臧� 頇曤炒頃橂姅 靾滍槃旮堨潃 鞎� 339毵� 雼煬搿� 於旍偘霅╇媹雼�. 瓴届榿歆勳潃 旮办〈 順勱笀瓿� 鞚措矆 鞛愱笀 臁半嫭搿� 2025雲� 11鞗旉箤歆赌 鞖挫榿 鞛愱笀鞚� 頇曤炒頃� 靾� 鞛堧嫟瓿� 氤搓碃 鞛堨姷雼堧嫟. 毵るГ 瓿勳暯鞚� 60鞚缄皠 於旉皜 欤检嫕 氚滍枆鞚� 鞝滍暅頃橂┌, 12臧滌洈臧� 氤�霃� 旮堧Μ 鞛愱笀 臁半嫭鞚� 旮堨頃� 雼赴 攵�雼� 鞙勴棙鞚� 雮顶雼堧嫟.

2. 牍勳毄 鞝堦皭 臁办箻: 2025雲� 6鞗� 17鞚茧秬韯� 鞚挫偓須岆姅 CEO, CFO, CMO 氚� 鞚挫偓霌れ潣 順勱笀 氤挫垬毳� 20% 臧愳稌頃橂姅 鞎堨潉 鞀轨澑頃橃棳 鞗� 鞖挫榿牍勲ゼ 鞎� 5毵� 雼煬 鞝堦皭頄堨姷雼堧嫟. 鞚挫爠鞐� 氙胳旮� 氤措剤鞀� 氚� 靾橃垬耄� 鞎� 120毵� 雼煬毳� 韽赴頃� 瓴冴臣 頃粯 須岇偓電� 順勱笀 靻岇鞚� 韥矊 欷勳澕 瓴冹溂搿� 旮半寑頃╇媹雼�.

3. 雮橃姢雼� 靸侅灔 攴滌爼 欷�靾� 鞐呺嵃鞚错姼: 2025雲� 3鞗� 觳須� 鞚错泟 SeaStar電� 2025雲� 6鞗� 22鞚缄箤歆� 欤检＜ 歆�攵勳潉 250毵� 雼煬 鞚挫儊鞙茧 須岆车頃挫暭 頄堨姷雼堧嫟. 瓴届榿歆勳潃 斓滉芳 鞛愲掣 臁半嫭, 攵�毂� 靻岆└, QUELIMMUNE 毵れ稖 歃濌皜(2攵勱赴 6臧� 瓿犼皾 頇曤炒) 氚� 牍勳毄 鞝堦皭鞙茧 須岇偓臧� 靸侅灔 攴滌箼 5550(b)毳� 雼れ嫓 欷�靾橅晿瓴� 霅橃棃雼り碃 欤检灔頃╇媹雼�.

韴瀽 韽澑韸�:

  • 鞚措矆 瓯半灅電� 歃夑皝鞝侅澑 鞙犽彊靹� 鞙勴棙鞚� 鞕勴檾頃橃毵�, 鞕勳爠 頋劃 欤检嫕 靾橂ゼ 斓滊寑 1,300毵� 欤�(鞚胳垬 雽�頄夓偓 鞗岆煱韸� 韽暔)旯岇 電橂雼堧嫟.
  • 順勱笀 靻岇 旮瓣皠鞚� 牍勱祼鞝� 歆ъ晞(鞎� 5臧滌洈) 鞗岆煱韸� 頄夓偓 霕愲姅 1,500毵� 雼煬 Lincoln Park 欤检嫕 鞁滌劋 靷毄 鞁� 於旉皜 鞛愲掣 臁半嫭鞚� 頃勳殧頃� 臧�電レ劚鞚� 雴掛姷雼堧嫟.
  • 瓴届榿歆� 氤挫垬 靷皭鞚� 欤检＜鞕�鞚� 鞚错暣甏�瓿� 鞚检箻 氚� 臧曤牓頃� 牍勳毄 鞝堦皭 鞚橃毳� 雮橅儉雰呺媹雼�.
  • 雮橃姢雼� 靸侅灔 靸來儨電� 鞛犾爼鞝侅溂搿� 鞎堨爠頃橂┌, 欤检殧 旮办垹鞝� 攵�雼挫澊 頃挫唽霅橃棃鞀惦媹雼�.

SeaStar Medical Holding Corporation (NASDAQ : ICU) a d茅pos茅 un formulaire 8-K d茅taillant trois 茅v茅nements importants qui renforcent collectivement la liquidit茅 脿 court terme mais entra卯nent une dilution future significative.

1. Offre d鈥檜nit茅s de 6,15 millions de dollars : Le 20 juin 2025, la soci茅t茅 a fix茅 le prix et, le 23 juin, a cl么tur茅 une offre publique 芦 best-efforts 禄 de 4 935 385 actions ordinaires et 1 218 462 bons de souscription pr茅financ茅s, chacun assorti d鈥檜n bon de souscription S茅rie A d鈥檜ne dur茅e de cinq ans et d鈥檜n bon de souscription S茅rie B de 18 mois. Les unit茅s ont 茅t茅 vendues 脿 0,65 $ (ou 0,6499 $ pour l鈥檃lternative pr茅financ茅e). Au total, 12 307 694 nouveaux bons de souscription ont 茅t茅 茅mis avec un prix d鈥檈xercice de 0,65 $, tandis que les bons pr茅financ茅s ont un prix d鈥檈xercice de 0,0001 $. H.C. Wainwright a agi en tant qu鈥檃gent de placement, recevant une commission en esp猫ces de 7 %, une commission de gestion de 1 %, des frais remboursables et 430 769 bons de souscription pour l鈥檃gent de placement exer莽ables 脿 0,8125 $ jusqu鈥檈n 2030.

Produits et utilisation des fonds : Le produit net en esp猫ces pour SeaStar est estim茅 脿 3,39 millions de dollars apr猫s commissions. La direction estime que la tr茅sorerie existante plus la lev茅e de fonds financeront les op茅rations jusqu鈥檈n novembre 2025. L鈥檃ccord d鈥檃chat limite les 茅missions suppl茅mentaires d鈥檃ctions pendant 60 jours et interdit les financements 脿 taux variable pendant 12 mois, r茅duisant ainsi le risque de surabondance 脿 court terme.

2. Mesures de r茅duction des co没ts : 脌 compter du 17 juin 2025, le conseil d鈥檃dministration a approuv茅 une r茅duction de 20 % des r茅mun茅rations en esp猫ces du PDG, du directeur financier, du directeur m茅dical et des administrateurs, r茅duisant les d茅penses op茅rationnelles mensuelles d鈥檈nviron 50 000 $. Avec les renonciations ant茅rieures aux passifs qui ont 茅limin茅 environ 1,2 million de dollars de primes et honoraires impay茅s, la soci茅t茅 pr茅voit une r茅duction significative de sa consommation de tr茅sorerie.

3. Mise 脿 jour de la conformit茅 Nasdaq : Suite 脿 une audience en mars 2025, SeaStar devait restaurer les capitaux propres des actionnaires au-dessus de 2,5 millions de dollars avant le 22 juin 2025. La direction affirme que la r茅cente lev茅e de fonds, l鈥檈xtinction des passifs, l鈥檈xpansion des revenus de QUELIMMUNE (six clients au deuxi猫me trimestre) et les r茅ductions de co没ts remettent la soci茅t茅 en conformit茅 avec la r猫gle de cotation 5550(b).

Points cl茅s pour les investisseurs :

  • La transaction soulage le risque de liquidit茅 imm茅diat mais augmente le nombre total d鈥檃ctions dilu茅es jusqu鈥櫭� 13 millions (y compris les bons de souscription de l鈥檃gent de placement).
  • La tr茅sorerie disponible reste relativement limit茅e (environ 5 mois) et un financement futur sera probablement n茅cessaire une fois que les bons seront exerc茅s ou que la facilit茅 de 15 millions de dollars de Lincoln Park sera utilis茅e.
  • Les r茅ductions de r茅mun茅ration de la direction signalent un alignement avec les actionnaires et une discipline rigoureuse des d茅penses.
  • Le statut de cotation Nasdaq est provisoirement s茅curis茅, supprimant un obstacle technique majeur.

SeaStar Medical Holding Corporation (NASDAQ: ICU) hat ein 8-K eingereicht, das drei wesentliche Entwicklungen beschreibt, die zusammen die kurzfristige Liquidit盲t st盲rken, aber eine bedeutende zuk眉nftige Verw盲sserung mit sich bringen.

1. 6,15 Millionen Dollar Unit-Angebot: Am 20. Juni 2025 hat das Unternehmen den Preis festgelegt und am 23. Juni eine Best-Efforts-脰ffentlichkeitsangebot von 4.935.385 Stammaktien und 1.218.462 vorfinanzierten Warrants abgeschlossen, jeweils gekoppelt mit einem f眉nfj盲hrigen Serie A-Warrant und einem 18-monatigen Serie B-Warrant. Die Einheiten wurden zu 0,65 $ (bzw. 0,6499 $ f眉r die vorfinanzierte Alternative) verkauft. Insgesamt wurden 12.307.694 neue Warrants mit einem Aus眉bungspreis von 0,65 $ ausgegeben, w盲hrend die vorfinanzierten Warrants einen Aus眉bungspreis von 0,0001 $ haben. H.C. Wainwright fungierte als Platzierungsagent und erhielt eine Barprovision von 7 %, eine Verwaltungsgeb眉hr von 1 %, erstattungsf盲hige Kosten sowie 430.769 Platzierungsagenten-Warrants, die bis 2030 zu 0,8125 $ ausge眉bt werden k枚nnen.

Erl枚se und Verwendung der Mittel: Der Nettobetrag f眉r SeaStar wird nach Geb眉hren auf 3,39 Millionen Dollar gesch盲tzt. Das Management geht davon aus, dass die vorhandenen Mittel plus die Kapitalerh枚hung die Gesch盲ftst盲tigkeit bis November 2025 finanzieren werden. Die Kaufvereinbarung beschr盲nkt zus盲tzliche Aktienausgaben f眉r 60 Tage und verbietet variabel verzinste Finanzierungen f眉r 12 Monate, was das Risiko eines kurzfristigen Angebots眉berhangs verringert.

2. Kostensenkungsma脽nahmen: Ab dem 17. Juni 2025 genehmigte der Vorstand eine 20 %ige Reduzierung der Barverg眉tung f眉r CEO, CFO, CMO und Direktoren, wodurch die monatlichen Betriebskosten um etwa 50.000 Dollar gesenkt werden. Zusammen mit fr眉heren Haftungsverzichten, die etwa 1,2 Millionen Dollar an unbezahlten Boni und Geb眉hren eliminierten, erwartet das Unternehmen einen deutlich geringeren Cash-Burn.

3. Nasdaq-Compliance-Update: Nach einer Anh枚rung im M盲rz 2025 hatte SeaStar bis zum 22. Juni 2025 Zeit, das Eigenkapital der Aktion盲re auf 眉ber 2,5 Millionen Dollar zu bringen. Das Management behauptet, dass die j眉ngste Kapitalerh枚hung, die Tilgung von Verbindlichkeiten, die steigenden QUELIMMUNE-Ums盲tze (sechs Kunden im zweiten Quartal) und die Kostensenkungen das Unternehmen wieder in Einklang mit der Listing-Regel 5550(b) bringen.

Investment-Highlights:

  • Die Transaktion lindert das unmittelbare Liquidit盲tsrisiko, erh枚ht jedoch die vollst盲ndig verw盲sserte Aktienzahl um bis zu 13 Millionen Aktien (einschlie脽lich Platzierungsagenten-Warrants).
  • Die Cash-Runway bleibt relativ kurz (鈮� 5 Monate) und zuk眉nftiges Kapital wird wahrscheinlich ben枚tigt, sobald Warrants ausge眉bt oder die 15-Millionen-Dollar-Lincoln-Park-Aktienfazilit盲t genutzt wird.
  • Die K眉rzungen bei der Managementverg眉tung signalisieren Aktion盲rsausrichtung und strenge Ausgabendisziplin.
  • Der Nasdaq-Listing-Status ist vorl盲ufig gesichert und beseitigt einen wichtigen technischen 脺berhang.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 17, 2025

 

 

SeaStar Medical Holding Corporation

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-39927

85-3681132

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

3513 Brighton Blvd,

Suite 410

 

Denver, Colorado

 

80216

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 844 427-8100

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock par value $0.0001 per share

 

ICU

 

The Nasdaq Stock Market LLC

Warrants, each whole warrant exercisable for one share of Common Stock for $11.50 per share

 

ICUCW

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 1.01 Entry Into a Material Definitive Agreement.

Securities Purchase Agreement

On June 20, 2025, SeaStar Medical Holding Corporation (the “Company”) commenced a best efforts public offering (the “Offering”) of an aggregate of (i) 4,935,385 shares (the “Shares”) of common stock, par value $0.0001 per share (“Common Stock”), of the Company, (ii) 1,218,462 pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 1,218,462 shares of Common Stock (the “Pre-Funded Warrant Shares”), (iii) 6,153,847 Series A warrants (the “Series A Warrants”) to purchase up to 6,153,847 shares of Common Stock (the “Series A Warrant Shares”), and (iv) 6,153,847 Series B warrants (the “Series B Warrants,” and collectively with the Series A Warrants, the “Common Warrants”) to purchase up to 6,153,847 shares of Common Stock (the “Series B Warrant Shares”). Each Share or Pre-Funded Warrant was sold together with one Series A Warrant to purchase one share of Common Stock and one Series B Warrant to purchase one share of Common Stock. The combined offering price for each Share and accompanying Common Warrants was $0.65, and the combined offering price for each Pre-Funded Warrant and accompanying Common Warrants was $0.6499. The Pre-Funded Warrants will have an exercise price of $0.0001 per share, will be exercisable immediately and will expire when exercised in full. Each Common Warrant will have an exercise price of $0.65 per share and will be immediately exercisable. The Series A Warrants will expire on the five-year anniversary of the date of issuance. The Series B Warrants will expire on the 18-month anniversary of the date of issuance.

The net proceeds of the Offering, after deducting the fees and expenses of the Placement Agent (as defined below), described in more detail below, and other offering expenses payable by the Company, but excluding the net proceeds, if any, from the exercise of the Common Warrants, is expected to be approximately $3.39 million. The Company intends to use the net proceeds from the Offering for general corporate purposes, including costs and expenses associated with being a public company. The Company believes that the net proceeds from the Offering, together with its cash and cash equivalents, will be sufficient to fund its planned operations through November 2025. The Offering closed on June 23, 2025.

In connection with the Offering, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain institutional investors. Pursuant to the Purchase Agreement, the Company agreed not to issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or any securities convertible into or exercisable or exchangeable for shares of Common Stock or file any registration statement or prospectus, or any amendment or supplement thereto for 60 days after the closing date of the Offering, subject to certain exceptions. In addition, the Company has agreed not to effect or enter into an agreement to effect any issuance of Common Stock or any securities convertible into or exercisable or exchangeable for shares of Common Stock involving a variable rate transaction (as defined in the Purchase Agreement) until the one-year anniversary of the closing date of the Offering, subject to certain exceptions.

The Purchase Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the purchasers, including for liabilities arising under the Securities Act of 1933, as amended (the “Securities Act”), other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Purchase Agreement were made only for the purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the contracting parties.

A holder will not have the right to exercise any portion of the Common Warrants or Pre-Funded Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% or 9.99%, as applicable, of the number of shares of Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Common Warrants or the Pre-Funded Warrants, respectively.

Pursuant to an engagement agreement (as amended, the “Engagement Agreement”) with H.C. Wainwright & Co., LLC (the “Placement Agent”), the Company agreed to pay the Placement Agent in connection with the Offering (i) a cash fee equal to 7.0% of the aggregate gross proceeds received in the Offering, (ii) a management fee equal to 1.0% of the aggregate gross proceeds received in the Offering, (iii) a non-accountable expense allowance of $10,000, (iv) reimbursement of up to $100,000 for legal fees and expenses and other out of pocket expenses and (v) up to $15,950 for the clearing expenses.

Also pursuant to the Engagement Agreement, the Company, in connection with the Offering, agreed to issue to the Placement Agent or its designees warrants (the “Placement Agent Warrants”) to purchase up to an aggregate of 430,769 shares of Common Stock (the “Placement Agent Warrant Shares”). The Placement Agent Warrants will have an exercise price of $0.8125 per share (which represents 125% of the combined public offering price per Share and accompanying Common Warrants), will expire on June 20, 2030 and will be exercisable upon issuance.

The Shares, the Pre-Funded Warrants, the Pre-Funded Warrant Shares, the Series A Warrants, the Series A Warrant Shares, the Series B Warrants, the Series B Warrant Shares, the Placement Agent Warrants and the Placement Agent Warrant Shares were offered by the Company pursuant to a Registration Statement on Form S-1 (the "Registration Statement") originally filed with the Securities and Exchange Commission (the “SEC”) on June 16, 2025, as amended by Amendment No. 1 to Form S-1 (including the prospectus

forming a part of such Registration Statement), under the Securities Act (File No. 333-288065), and declared effective by the SEC on June 20, 2025.

The foregoing descriptions of the Purchase Agreement, the Pre-Funded Warrants, the Series A Warrants, the Series B Warrants and the Placement Agent Warrants are not complete and are qualified in their entirety by reference to the full text of the form of Purchase Agreement, the form of Pre-Funded Warrant, the form of Series A Warrant, the form of Series B Warrant and the form of Placement Agent Warrant, copies of which are filed as Exhibits 4.1, 4.2, 4.3, 4.4 and 10.1, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

 

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On June 17, 2025, in connection with the Company’s effort to reduce the Company’s ongoing operating expenses, the Board of Directors of the Company (the “Board”) approved a 20% decrease in the annual base salary of Eric Schlorff, the Company’s Chief Executive Officer, David Green, the Company’s Chief Financial Officer and Kevin Chung, the Company’s Chief Medical Officer, as well as certain other members of management. The Board also approved a 20% decrease in the directors’ cash base retainer fee, as well as a 20% reduction in the additional cash retainer fees payable to Board members. The duration of the reductions is indefinite pending any further action by the Board or the Compensation Committee of the Board. As a result of these and other actions, the Company expects to reduce monthly operating expenses by approximately $50,000.

Item 7.01 Regulation FD Disclosure.

Press Release

On June 20, 2025, the Company issued a press release announcing the pricing of the Offering. A copy of such press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference herein.

 

 

Item 8.01 Other Events

As previously disclosed, on June 24, 2024, we received a written notification from the Listing Qualifications staff of Nasdaq that we were not in compliance with the requirement to maintain a minimum market value of listed securities of $35 million (the “MVLS Requirement”), as set forth in Nasdaq Listing Rule 5550(b)(2) (the “MVLS Rule”), because the market value of our listed securities (the “Securities”) had been below $35 million for 30 consecutive business days. We had an initial 180 days, or until December 23, 2024, to regain compliance with the MVLS Requirement.

On December 24, 2024, we received written notification (the “Notification”) from Nasdaq stating that we had not regained compliance with the MVLS Requirement. Pursuant to the Notification, the Securities were subject to delisting from Nasdaq on January 3, 2025, unless we requested a hearing before the Nasdaq Hearings Panel (the “Panel”) by December 31, 2024.

On March 11, 2025, we received a decision letter (the “Letter”) from the Panel, granting our request to continue listing on Nasdaq, subject to certain conditions. The Panel’s decision provided us with an exception until June 22, 2025, to demonstrate compliance with the minimum $2,500,000 stockholders’ equity requirement for continued listing set forth in Nasdaq Listing Rule 5550(b) (the “Equity Rule”).

In compliance with the Letter, the significant transactions undertaken by the Company include the following:

Revenue generation

•
In the second fiscal quarter, we continued to advance our business plan by increasing our customer count to six for our FDA approved product, QUELIMMUNE, which is used by ICU physicians treating pediatric patients with multiple organ failure. QUELIMMUNE has been shown to reduce pediatric mortality by approximately 50% and completely relieve pediatric patients from a lifetime of dialysis.

Operating expense reduction

•
In May 2025, we began a cost cutting program which is expected to reduce operating expenses for the remainder of the fiscal year. We do not anticipate that these expense reductions will have a material impact on operations.

 

 

Liability restructuring

•
In May and June of 2025, approximately $1.2 million of employee compensation and Director fee liabilities were extinguished as certain employees and Directors waived their rights to bonuses and fees that had been accrued but unpaid.

Fundraising transactions

•
On June 20, 2025, we entered into a Purchase Agreement described in Item 1.01 above.

 

•
On April 25, 2025, we entered into a purchase agreement with Lincoln Park (the “Purchase Agreement”), pursuant to which Lincoln Park agreed to purchase from us up to an aggregate of $15.0 million of our Common Stock (subject to certain limitations) from time to time over the term of the Purchase Agreement.

 

Based on the above revenue generation, expense reduction, liability restructuring, fundraising transactions, and losses expected in the second quarter, we believe that, as of the date of this report, the Company is in compliance with the Equity Rule.

 

Cautionary Statement Regarding Forward-Looking Statements

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements relating to projected operating expenses and liabilities. To the extent that statements contained in this report are not descriptions of historical facts, they are forward-looking statements. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including, without limitation, the risks and uncertainties inherent in the research and development and regulatory approval processes for the Company’s product candidates and related to the volatility of the stock market in general and the common stock in particular, and continued listing of the common stock on the Nasdaq Capital Market. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in the forward-looking statements, as well as risks relating to the Company’s business in general, please refer to the Company’s annual report on Form 10-K filed with the SEC on March 27, 2025, as amended by Form 10-K/A filed with the SEC on April 23, 2025, and its current and future periodic reports filed with the SEC. You are urged to consider these factors carefully in evaluating the forward-looking statements in this report and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. Unless otherwise required by law, The Company expressly disclaims any obligation to update publicly any forward-looking statements, whether as result of new information, future events or otherwise.

 

Exhibit No.

 

Description

4.1

 

Form of Pre-Funded Warrant.

4.2

 

Form of Series A Warrant.

4.3

 

Form of Series B Warrant.

4.4

 

Form of Placement Agent Warrant.

10.1

 

Form of Securities Purchase Agreement.

99.1

 

Press Release dated June 20, 2025

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

SeaStar Medical Holding Corporation

 

 

By:

/s/ Eric Schlorff

Date:

June 23, 2025

Name:

Eric Schlorff

 

 

Title:

Chief Executive Officer

 

Source:

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SeaStar Medical Holding Corp

NASDAQ:ICU

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ICU Latest News

Jul 2, 2025
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ICU Latest SEC Filings

Jul 2, 2025
[Form 4] SeaStar Medical Holding Corporation Insider Trading Activity
Jul 2, 2025
[8-K] SeaStar Medical Holding Corporation Reports Material Event
Jun 27, 2025
[Form 4] SeaStar Medical Holding Corporation Insider Trading Activity
Jun 23, 2025
[424B4] SeaStar Medical Holding Corporation Prospectus Filed Pursuant to Rule 424(b)(4)
Jun 23, 2025
[EFFECT] SeaStar Medical Holding Corporation SEC Filing

ICU Stock Data

6.83M
17.23M
2.09%
2.07%
4.1%
Biotechnology
Surgical & Medical Instruments & Apparatus
United States
DENVER