secwatch.observer — SEC 8-K summary
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Issuer:     ADIAL PHARMACEUTICALS, INC. (ADIL)
CIK:        0001513525
Form:       8-K
Filed at:   2023-10-24T23:59:59+00:00
Accession:  0001013762-23-006323
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1513525/000101376223006323/0001013762-23-006323-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1513525/000101376223006323/ea187091-8k_adialpharma.htm
  HTML page:      https://secwatch.observer/filing/0001013762-23-006323

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer