Adial raises $4M in private placement; issues warrants at $2.82

ADIAL PHARMACEUTICALS, INC.

Gross proceeds ~$4M from sale of 1.42M shares (or pre-funded warrants) and series A/B warrants.
Net proceeds ~$3.5M after fees; to fund AD04 clinical activities and working capital.
Warrants exercisable at $2.82/share after stockholder approval; Series A 5.5yr, Series B 18mo.
Company must file resale registration within 20 days, effective within 75 days.
60-day lock-up on new issuances; 1-year ban on variable rate transactions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ADIAL PHARMACEUTICALS, INC. entered into Purchase Agreement with an institutional investor valued at approximately $3.5 million (effective 2023-10-19).

Action: entry
Agreement: equity purchase
Counterparty: an institutional investor
Value: approximately $3.5 million
Effective: 2023-10-19

Exact text from the filing

On October 19, 2023, Adial Pharmaceuticals, Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with an institutional investor (the “Purchaser”) for the issuance and sale in a private placement (the “Private Placement”) of (i) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 1,418,440 shares of the Company’s common stock

View on SEC.gov

283 material agreements filed in the last 30 days. Browse all material agreements →

ADIAL PHARMACEUTICALS, INC. filing history →

Source: SEC EDGAR

accession 0001013762-23-006323

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