Alzamend Neuro Inc Stock Price, News & Analysis

Alzamend Neuro, a clinical-stage biopharmaceutical company, announced a one-for-ten reverse stock split of its common stock, effective July 16, 2024. The split is intended to help the company regain compliance with Nasdaq's Minimum Bid Price Requirement of $1.00 per share. Post-split, the stock will trade under the existing symbol 'ALZN' with a new CUSIP number 02262M506. The reverse split will uniformly affect all issued and outstanding shares, as well as shares available under equity incentive plans, and reduce the number of shares issuable upon the exercise of stock options or warrants. The par value will remain at $0.0001 per share, and no fractional shares will be issued. Instead, stockholders entitled to fractional shares will receive cash payments.

Alzamend Neuro (Nasdaq: ALZN) announced that the Nasdaq Hearings Panel has granted the company an extension to remain listed on the Nasdaq Capital Market.

To comply with Nasdaq’s Listing Rule 5550(b)(1), Alzamend must achieve a stockholder equity of at least $2.5 million by September 23, 2024.

CEO Stephan Jackman expressed gratitude towards the Panel and affirmed the company's commitment to executing their compliance plan.

Alzamend Neuro focuses on developing treatments for Alzheimer's disease, bipolar disorder, major depressive disorder, and PTSD.

Alzamend Neuro announced the initial closing of a private placement, securing $500,000 from an investor. The total agreement allows for up to $25 million in preferred shares. Proceeds will fund clinical trials for treatments targeting Alzheimer's, bipolar disorder, major depressive disorder, and PTSD. The investor also received warrants for 800,000 shares of common stock, with potential for up to 20 million more if the full $25 million is invested. Additional funding milestones are tied to regulatory filings and partnership agreements. The initial funds include $311,356.16 from a converted term note. This financing supports ongoing clinical trials, including a Phase I/IIA trial of an Alzheimer's vaccine.

Alzamend Neuro, Inc. (ALZN) has entered into a Securities Purchase Agreement to sell $25 million of Preferred Shares in a registered direct offering and concurrent private placement. The Preferred Shares are convertible into Common Stock, have a 15% annual dividend, and come with Warrants to purchase up to 20 million shares of Common Stock. The proceeds will fund clinical trials and general working capital.

Alzamend Neuro, Inc. (ALZN) terminated its 'at-the-market' equity offering program to limit uncertainty and unfavorable dilution for its stockholders. The company had sold over 1 million shares and raised about $1.3 million. The termination will be effective on May 16, 2024, with no further sales planned under the program.