Alzamend Neuro, Inc. (ALZN): Nasdaq/NYSE listing notice — Alzamend Neuro raises up to $6M from affiliate, receives Nasdaq bid price deficiency notice

Alzamend Neuro, Inc.

Entered up to $6M Series A convertible preferred stock sale to affiliate Ault Lending; initial $1.22M closed via cancellation of prior advances.
Each preferred share ($1,000 stated value) convertible into common at $1.00/share; warrants exercisable at $1.20/share after 6 months, 5-year term.
Nasdaq deficiency notice: common stock bid price below $1.00 for 30 consecutive days; must regain compliance by July 30, 2024.
Company intends to monitor bid price and may evaluate options including reverse stock split; stock continues trading under 'ALZN'.

item 1.01 item 3.01 item 3.02 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Alzamend Neuro, Inc. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2), 5810(c)(3)(A)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5550(a)(2), 5810(c)(3)(A)

Exact text from the filing

February 1, 2024, the Company received a notice in the form of a letter (“ Deficiency Letter ”) from the Listing Qualifications Staff of the Nasdaq stating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) because the bid price for the Common Stock had closed below $1.00 per share for the previous 30 consecutive business days. In accordance with Nasdaq listing rule 5810(c)(3)(A), the Company has 180 calendar days, or until July 30, 2024, to regain compliance. The Deficiency Letter states that to regain compliance, the bid price for the Common Stock must close at $1.00

View on SEC.gov

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Alzamend Neuro, Inc.: Filed Series A Certificate of Designation for Series A Convertible Preferred Stock (effective 2024-01-31).

Change: charter amendment
Effective: 2024-01-31

Exact text from the filing

On January 31, 2024, in connection with the Agreement and the Initial Closing , the Company filed the Series A Certificate of Designation with the Secretary of State of the State of Delaware.

View on SEC.gov

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

Alzamend Neuro, Inc. entered into Securities Purchase Agreement with Ault Lending, LLC valued at $6 million (effective 2024-01-31).

Action: entry
Agreement: equity purchase
Counterparty: Ault Lending, LLC
Value: $6 million
Effective: 2024-01-31

Exact text from the filing

On January 31, 2024 (the “ Execution Date ”), Alzamend Neuro, Inc., a Delaware corporation (the “ Company ”) entered into a Securities Purchase Agreement (the “ Agreement ”) with Ault Lending, LLC, a California limited liability company (the “ Purchaser ”), pursuant to which the Company agreed to sell to the Purchaser up to 6,000 shares of Series A convertible preferred stock

View on SEC.gov

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Alzamend Neuro, Inc. filing history →

Source: SEC EDGAR

accession 0001214659-24-001777

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