Alzamend Neuro (ALZN) has released an update to notify the public and investors about an entry into a material definitive agreement.
On January 31, 2024, Alzamend Neuro, Inc. entered into an Agreement with Ault Lending, LLC, to sell up to $6 million of Series A Convertible Preferred Stock and accompanying Warrants for Common Stock. The Initial Closing involved the sale of 1,220 shares of the Preferred Stock and Warrants for $1.22 million, offset by cash advances cancellation. The Series A Convertible Preferred Stock comes with a $1,000 Stated Value, is convertible into Common Stock at $1.00 per share, and has preferential liquidation rights. Warrants have a $1.20 Exercise Price, exercisable six months post-issuance with a five-year term. The Agreement allows for multiple closings, subject to regulatory approval and company conditions.
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For a comprehensive understanding of the announcement, you can read the full document here.
