Alzamend Neuro raises $400K via convertible preferred and short-term note

Alzamend Neuro, Inc.

Sold 100 Series B preferred shares and warrants for 100K common shares to Ault Lending for $100K; total $2.1M of $6M facility drawn.
Issued $310K face promissory note (15% interest, $10K OID) to Orchid Finance LLC; matures May 13, 2024.
Note repayment guaranteed by Ault Lending and Milton C. Ault, Vice Chairman of Alzamend.
Proceeds used for working capital; note matures in two weeks, creating near-term repayment risk.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Alzamend Neuro, Inc. incurred loan of $310,000 with an accredited investor at fifteen percent (15%) per annum maturing May 13, 2024.

Instrument: loan
Principal: $310,000
Counterparty: an accredited investor
Rate: fifteen percent (15%) per annum
Maturity: May 13, 2024
Event: incurrence

Exact text from the filing

Effective April 29, 2024, the Company issued to an accredited investor a term note (the “ Note ”) with a principal face amount of $310,000. The Note bears interest at the rate of fifteen percent (15%) per annum and the Note was issued with an original issuance discount. The maturity date of the Note is May 13, 2024.

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

Alzamend Neuro, Inc. entered into the Note with an accredited investor valued at $310,000 (effective 2024-04-29).

Action: entry
Agreement: credit facility
Counterparty: an accredited investor
Value: $310,000
Effective: 2024-04-29

Exact text from the filing

Effective April 29, 2024, the Company issued to an accredited investor a term note (the “ Note ”) with a principal face amount of $310,000

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

Alzamend Neuro, Inc. entered into the Guaranty with Ault Lending (effective 2024-04-29).

Action: entry
Counterparty: Ault Lending
Effective: 2024-04-29

Exact text from the filing

Ault Lending Additional Closing On April 29, 2024, Alzamend Neuro, Inc., a Delaware corporation (the “ Company ”), pursuant to the Securities Purchase Agreement (the “ Agreement ”)

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

Alzamend Neuro, Inc. entered into the Securities Purchase Agreement with Ault Lending, LLC valued at $2.1 million (effective 2024-01-31).

Action: entry
Agreement: equity purchase
Counterparty: Ault Lending, LLC
Value: $2.1 million
Effective: 2024-01-31

Exact text from the filing

lzamend Neuro, Inc., a Delaware corporation (the “ Company ”), pursuant to the Securities Purchase Agreement (the “ Agreement ”) entered into with Ault Lending, LLC, a California limited liability company (“ Ault Lending ”) on January 31, 2024, sold

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306 debt financings filed in the last 30 days. Browse all debt financings →

Alzamend Neuro, Inc. filing history →

Source: SEC EDGAR

accession 0001214659-24-007877

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