DealsNov 10, 2026, 04:32 PM
Alzamend Neuro Reduces Preferred Stock Offering to $10M; Amends Deal Terms
AI Summary
Alzamend Neuro, Inc. has amended its securities purchase agreement with an affiliate, reducing the total offering of Series D convertible preferred stock to $10 million from $25 million. The company has already completed an initial closing of $7.5 million and will proceed with a second closing for an additional $2.5 million. The agreement also includes revised registration rights for the conversion shares, with penalties for missed deadlines.
Key Highlights
- Alzamend Neuro amended its agreement with Purchaser to sell $10 million in Series D convertible preferred stock, down from $25 million.
- The company has already sold $7.5 million of the preferred stock in an initial tranche.
- An additional $2.5 million in preferred shares will be sold in a second tranche closing.
- Alzamend Neuro agreed to file a registration statement for resale of conversion shares by November 17, 2026.
- Failure to meet registration deadlines may result in a 2% monthly penalty on outstanding preferred shares, capped at 15%.
Price Impact
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