Seelos Therapeutics Inc (SEEL)

[OldtimeramI]

Unbelievable. Wait, it's Apricus. Nothing is unbelievable here.

They sold the revenue generating portion of the company - which by the way - is the reason for the share price being under a dollar once again ( that and a 70% dilution to the previously existing shareholders - not counting all the warrants they issued - because if you count those you arrive at about a 110% dilution ) . And they have paid themselves a cash bonus!

Just under $300,000 in cash bonuses. At that rate, they will need to issue more shares to replenish cash and don't forget another reverse split if things don't work out - time wise - with the resubmission.



Employee Bonuses




On June 1, 2017, the Compensation Committee of the Board of Directors (the “Committee”) of Apricus Biosciences, Inc. (the “Company”) approved and ratified certain employee bonuses, which were intended to recognize their efforts related to the Company's sale of its ex-US Vitaros business. Special cash bonuses were issued to the following executive officers and other employees:






Name

Title

Special Cash Bonus


Richard Pascoe

Chief Executive Officer and Secretary

$97,479.20


Brian Dorsey

Senior Vice President, Chief Development Officer

$63,860.00


Neil Morton

Senior Vice President, Chief Business Officer

$55,000.00


All other employees



$75,000.00 (in the aggregate)