---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-020440"
form_type: "8-K"
ticker: "ADIL"
cik: "0001513525"
company_name: "ADIAL PHARMACEUTICALS, INC."
filed_at: "2024-03-06T23:59:59+00:00"
generated_at: "2026-06-05T02:35:41.868054+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Adial raises $3.5M via warrant exercise, issues new 2.3M-share warrants

## Summary
- Gross proceeds of ~$3.5M from cash exercise of 1.15M existing warrants at $2.82/share; H.C. Wainwright placement agent.
- Incentive: new unregistered Series C warrants to buy up to 2.3M shares at $2.82, exercisable for 18 months.
- Holder paid $0.125 per new warrant; placement agent fees: 7% cash + 1% management + $25k expense + $50k legal.
- Proceeds to fund working capital and clinical activities for lead drug AD04 targeting Alcohol Use Disorder.
- Company to file resale registration statement for new warrant shares within 45 days of closing.

## SEC filing metadata
- accession: 0001213900-24-020440
- form_type: 8-K
- ticker: ADIL
- cik: 0001513525
- company_name: ADIAL PHARMACEUTICALS, INC.
- filed_at: 2024-03-06T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1513525/000121390024020440/0001213900-24-020440-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1513525/000121390024020440/ea0201235-8k_adialpharma.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-020440
- JSON: https://secwatch.observer/filing/0001213900-24-020440.json
- Plain text: https://secwatch.observer/filing/0001213900-24-020440.txt

## Key facts
- Material Agreements
  ADIAL PHARMACEUTICALS, INC. entered into Inducement Agreement with a certain holder of the Company's warrants to purchase shares of common stock valued at approximately $3.5 million (effective 2024-03-01).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: a certain holder of the Company's warrants to purchase shares of common stock
  - Value: approximately $3.5 million
  - Effective: 2024-03-01
  source text: On March 1, 2024, Adial Pharmaceuticals, Inc. (the “Company”) entered into a warrant inducement agreement (the “Inducement Agreement”) with a certain holder (the “Holder”) of the Company’s warrants to purchase shares of the Company’s common stock
  evidence_url: https://www.sec.gov/Archives/edgar/data/1513525/000121390024020440/0001213900-24-020440-index.htm

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