Adial finalizes Purnovate asset sale to Adovate; director Stilley resigns

ADIAL PHARMACEUTICALS, INC.

Final acquisition agreement with Adovate for Purnovate assets effective June 30, 2023.
Reimbursable expenses of $1.05M: $350K paid June 30, $350K paid Sept 20, $350K due by Dec 2, 2023.
Adial receives 3.46M Class A units (15% equity) in Adovate with anti-dilution until $4M cumulative funding.
Potential milestone payments per compound (development, approval, commercial) and royalties on net sales; amounts redacted.
Board member William B. Stilley resigned effective Sept 18, 2023, not related to any disagreement.

item 1.01 item 5.02 item 9.01

Executive movements

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Departed

William B. Stilley

member of the Board of Directors

ADIL · ADIAL PHARMACEUTICALS, INC.

Effective: 2023-09-18
Filed: September 21, 2023, 7:59 PM ET

On September 18, 2023, William B. Stilley, a member of the Company’s Board of Directors (the “Board”), notified the Company of his decision to resign, effective as such date, from his position as a member of the Board and any other executive positions with the Company and its subsidiaries.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

William B. Stilley resigned as member of the Board of Directors at ADIAL PHARMACEUTICALS, INC..

Action: resigned
Role: member of the Board of Directors

Exact text from the filing

On September 18, 2023, William B. Stilley, a member of the Company’s Board of Directors (the “Board”), notified the Company of his decision to resign, effective as such date, from his position as a member of the Board and any other executive positions with the Company and its subsidiaries.

View on SEC.gov

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

ADIAL PHARMACEUTICALS, INC. entered into final acquisition agreement with Adovate, LLC valued at $1,050,000 (effective 2023-09-18).

Action: entry
Agreement: asset purchase
Counterparty: Adovate, LLC
Value: $1,050,000
Effective: 2023-09-18

Exact text from the filing

On September 18, 2023, Adial Pharmaceuticals, Inc. (the “Company”) entered into a final acquisition agreement (the “FAA”) with Adovate, LLC (formerly known as Adenomed, LLC), a Virginia limited liability company (“Adovate”), to memorialize the sale effective on June 30, 2023 (the “Sale”) to Adovate of the assets and business of Purnovate, Inc.

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 0001213900-23-078339

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