Adial Pharmaceuticals secures up to $3M equity facility with Alumni Capital

ADIAL PHARMACEUTICALS, INC.

Enters purchase agreement with Alumni Capital to sell up to $3M (increasable to $10M) of common stock at 95% of 3-day VWAP.
Issues 199,620 commitment shares to Alumni; additional shares if deal size increases.
Company controls timing and amount of draws; each draw capped at $500K ($2M with mutual consent).
Minimum purchase price set at $0.15/share; Alumni barred from short-selling or hedging.
Facility runs through Dec 31, 2024; company may terminate on 10 days' notice.

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 Alumni Capital LP valued at $3,000,000 (effective 2023-05-31).

Action: entry
Agreement: equity purchase
Counterparty: Alumni Capital LP
Value: $3,000,000
Effective: 2023-05-31

Exact text from the filing

On May 31, 2023, Adial Pharmaceuticals, Inc. (the “Company,” “we,” “us” or “our”) entered into a Purchase Agreement (the “Purchase Agreement”) with Alumni Capital LP (“Alumni Capital”).

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

ADIAL PHARMACEUTICALS, INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-045360

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