---
schema_version: "secwatch.filing_event.v1"
accession: "0001013762-23-006323"
form_type: "8-K"
ticker: "ADIL"
cik: "0001513525"
company_name: "ADIAL PHARMACEUTICALS, INC."
filed_at: "2023-10-24T23:59:59+00:00"
generated_at: "2026-06-09T14:00:27.314994+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001013762-23-006323
- form_type: 8-K
- ticker: ADIL
- cik: 0001513525
- company_name: ADIAL PHARMACEUTICALS, INC.
- filed_at: 2023-10-24T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1513525/000101376223006323/0001013762-23-006323-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1513525/000101376223006323/ea187091-8k_adialpharma.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001013762-23-006323
- JSON: https://secwatch.observer/filing/0001013762-23-006323.json
- Plain text: https://secwatch.observer/filing/0001013762-23-006323.txt

## Key facts
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1513525/000101376223006323/0001013762-23-006323-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.