Alzamend Neuro enters $25M financing via preferred stock and warrants at 15% dividend

Alzamend Neuro, Inc.

Initial $500,000 closing of 50 Series A Preferred shares at $10,000 each; up to $25M total.
Preferred shares convertible at floor $0.25 or 80% of 3-day lowest close (capped at $1.50).
Warrants for up to 20M common shares at $1.25, exercisable for 5 years, subject to adjustment.
15% annual cumulative dividend payable in cash or additional preferred shares at investor's election.
Proceeds to fund additional clinical trials for Alzheimer's, bipolar, MDD, PTSD; closing expected May 10, 2024.

Key facts

Extracted from this filing and checked against the source text.

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

Alzamend Neuro, Inc. entered into Securities Purchase Agreement with a sophisticated investor valued at up to $25,000,000.00 (effective 2024-05-08).

Action: entry
Agreement: equity purchase
Counterparty: a sophisticated investor
Value: up to $25,000,000.00
Effective: 2024-05-08

Exact text from the filing

On May 8, 2024 (the “ Execution Date ”), Alzamend Neuro, Inc., a Delaware corporation (the “ Company ”) entered into a Securities Purchase Agreement (the “ Agreement ”) with a sophisticated investor (the “ Purchaser ”), pursuant to which the Company agreed to sell to the Purchaser up to 2,500 shares of Series A Convertible Preferred Stock (the “ Series A Preferred Stock ”) and warrants (the “ Warrants ”) to purchase shares of the Company’s common stock, par value $0.0001 per share (the “ Common Stock ”) for a total purchase price of up to $25,000,000.00 (the “ Financing ”) in several tranche closings

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Alzamend Neuro, Inc. filing history →

Source: SEC EDGAR

accession 0001214659-24-008706

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