Alzamend Neuro raises up to $25M via Series A Preferred and warrants; initial $500K closed

Alzamend Neuro, Inc.

Up to $25 million financing via Series A Convertible Preferred Stock and warrants; initial tranche of $500,000 closed May 10, 2024.
Series A Preferred: $10,000 stated value per share, 15% cumulative annual dividend payable quarterly in cash or shares at investor’s option.
Conversion price is the greater of $0.25 floor or the lesser of $1.50 and 80% of the 3-day VWAP; anti-dilution adjustment applies.
Warrants: exercise price $1.25, 5-year term; 800,000 warrant shares issued in initial tranche. Exercise price adjustable for stock splits.
Stockholder approval required for any conversion/warrant exercise exceeding 19.99% of outstanding common shares; proxy statement to be filed.

item 1.01 item 3.02 item 5.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.7

Alzamend Neuro, Inc.: Company filed Certificate of Designation for Series A Preferred Stock (effective 2024-05-09).

Change: charter amendment
Effective: 2024-05-09

Exact text from the filing

On May 9, 2024, the Company filed the Certificate designating 3,000 shares of Series A Preferred Stock, with the Secretary of State of the State of Delaware.

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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 ”)

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269 governance changes filed in the last 30 days. Browse all governance changes →

Alzamend Neuro, Inc. filing history →

Source: SEC EDGAR

accession 0001214659-24-008833

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