Financing ·
Alzamend Neuro amends preferred stock deal to $10M total, with $7.5M already raised from affiliate Ault Lending
ALZNAlzamend Neuro, Inc.
Alzamend Neuro amended its Securities Purchase Agreement with affiliate Ault Lending LLC to reduce the aggregate offering size of Series D Convertible Preferred Stock from $25 million to $10 million. The company has already closed an initial tranche of $7.5 million, leaving a remaining commitment of $2.5 million for a second closing. The preferred shares carry a stated value of $1,050 per share and convert into common stock at a price between a floor of $0.2668 and a maximum of $2.00. The agreement includes registration rights obligations and a right of first refusal for the purchaser on future financings for three years. Alzamend Neuro is a clinical-stage biopharmaceutical company focused on developing treatments for neurodegenerative diseases.