Financing ·
Alzamend Neuro, Inc. entered into a Securities Purchase Agreement with Ault Lending, LLC to sell up to $25 million in…
ALZNAlzamend Neuro, Inc.
Alzamend Neuro, Inc. entered into a Securities Purchase Agreement with Ault Lending, LLC to sell up to $25 million in Series D convertible preferred stock. The company completed an initial tranche closing on July 31, 2026, selling 7,500 shares for $7.5 million, and agreed to purchase an additional $2.5 million in a second tranche. Each preferred share has a stated value of $1,050 and converts at a price between $0.2668 and $2.00 per common share. Concurrently, the company notified Nasdaq that it failed to maintain a majority independent board following the death of director Lynne Fahey McGrath on July 20, 2026. Nasdaq granted a cure period until the earlier of the next annual meeting or January 18, 2027, with no immediate effect on trading. Alzamend Neuro operates in the biotechnology industry, focusing on developing treatments for neurological disorders.