secwatch.observer — SEC 8-K summary
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Issuer:     ADIAL PHARMACEUTICALS, INC. (ADIL)
CIK:        0001513525
Form:       8-K
Filed at:   2023-06-02T23:59:59+00:00
Accession:  0001213900-23-045360
Event type: other_material
Sentiment:  negative
Materiality: 0.65
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1513525/000121390023045360/0001213900-23-045360-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1513525/000121390023045360/ea179668-8k_adialpharm.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-045360

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