secwatch.observer — SEC 8-K summary
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Issuer:     ADIAL PHARMACEUTICALS, INC. (ADIL)
CIK:        0001513525
Form:       8-K
Filed at:   2026-06-11T16:43:58+00:00
Accession:  0001213900-26-067711
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.90
Item codes: 1.01, 5.03, 5.02, 2.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Adial completes reverse merger with Azora, issues ~87% of shares to Azora holders, raises $26.8M
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- Former Azora equityholders will hold ~51.0% of pro forma fully diluted common stock; pre-merger Adial holders ~7.7%.
- Initial PIPE closing expected June 12, 2026; gross proceeds $26.8M from sale of Pre-Funded Warrants at $2.7489 each.
- Company guaranteed and then exchanged $5.5M Azora convertible notes for Pre-Funded Warrants covering 2,031,603 shares.
- Stockholders must approve conversion of Series A Preferred, exercise of options/warrants, and a reverse stock split.
- Wendy Young appointed to the Board; 180-day lock-up agreements signed with certain shareholders.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1513525/000121390026067711/0001213900-26-067711-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1513525/000121390026067711/ea0294448-8k_adial.htm
  HTML page:      https://secwatch.observer/filing/0001213900-26-067711

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