ALZN
prnewswire.com
· 1 day ago
Company received $7.5 million in gross proceeds from the initial tranche of Series D Convertible Preferred Stock Agreement provides for up to $17.5 million in additional funding through subsequent tranche closings to support Alzamend's clinical programs and working capital needs ATLANTA, Aug. 4, 2026 /PRNewswire/ -- Alzamend Neuro, Inc. (Nasdaq: ALZN) ("Alzamend"), a clinical-stage biopharmaceutical company focused on developing novel products for the treatment of Alzheimer's disease ("Alzheimer's"), bipolar disorder ("BD"), major depressive disorder ("MDD") and post-traumatic stress disorder ("PTSD"), announced today that it has entered into a Securities Purchase Agreement (the "Agreement") with Ault Lending, LLC ("Ault Lending"), pursuant to which Ault Lending has agreed to purchase up to $25,000,000 of the Company's newly designated Series D Convertible Preferred Stock (the "Preferred Shares"), and closed on the initial tranche in the amount of $7.5 million. Under the terms of the Agreement, Ault Lending agreed to purchase up to 25,000 Preferred Shares at a purchase price of $1,000 per share, for an aggregate purchase price of $25,000,000, with each Preferred Share having a stated value of $1,050.