---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-078339"
form_type: "8-K"
ticker: "ADIL"
cik: "0001513525"
company_name: "ADIAL PHARMACEUTICALS, INC."
filed_at: "2023-09-21T23:59:59+00:00"
generated_at: "2026-06-10T10:37:42.163488+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Adial finalizes Purnovate asset sale to Adovate; director Stilley resigns

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-23-078339
- form_type: 8-K
- ticker: ADIL
- cik: 0001513525
- company_name: ADIAL PHARMACEUTICALS, INC.
- filed_at: 2023-09-21T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1513525/000121390023078339/0001213900-23-078339-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1513525/000121390023078339/ea185524-8k_adialpharma.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-078339
- JSON: https://secwatch.observer/filing/0001213900-23-078339.json
- Plain text: https://secwatch.observer/filing/0001213900-23-078339.txt

## Key facts
- Executive change
  William B. Stilley resigned as member of the Board of Directors at ADIAL PHARMACEUTICALS, INC..
  - Action: resigned
  - Role: member of the Board of Directors
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1513525/000121390023078339/0001213900-23-078339-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1513525/000121390023078339/0001213900-23-078339-index.htm

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