secwatch.observer — SEC 8-K summary
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Issuer:     Alzamend Neuro, Inc. (ALZN)
CIK:        0001677077
Form:       8-K
Filed at:   2024-05-09T23:59:59+00:00
Accession:  0001214659-24-008706
Event type: other_material
Sentiment:  negative
Materiality: 0.78
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1677077/000121465924008706/0001214659-24-008706-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1677077/000121465924008706/p582408k.htm
  HTML page:      https://secwatch.observer/filing/0001214659-24-008706

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer