[Form 4] Alzamend Neuro, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Milton C. Ault III, a director and 10% owner of Alzamend Neuro, Inc. (ALZN), reported multiple transactions in September 2025 affecting both direct and indirect holdings. The filings show open-market dispositions on 09/23/2025 (43,238 shares at $2.3757) and 09/24/2025 (39,140 shares at a $2.3090 VWAP), plus a 09/25/2025 sale of 14,628 shares at $2.3126. On 09/25/2025 Mr. Ault reported conversion of Series B convertible preferred stock into 100,000 common shares at $2.32 per share. The report lists additional holdings indirectly held through related entities (Ault Lending, Ault Life Sciences, and Ault Life Sciences Fund) and warrants and convertible preferred interests held by Ault Lending.

Positive

• Conversion of Series B preferred to 100,000 common shares was disclosed, increasing common share holdings indirectly via Ault Lending, LLC
• Detailed sale price information provided (VWAP and sale price ranges) for 09/24/2025, enabling transparency on open-market dispositions
• Clear disclosure of indirect ownership and voting/investment power for Ault Lending, Ault Life Sciences, and Ault Life Sciences Fund

Negative

• Significant open-market sales on 09/23–09/25/2025 reduced direct holdings (total disclosed direct disposals: 96, 006 shares across listed transactions before conversion)
• Potential dilution from convertible preferred and outstanding warrants held by Ault Lending that convert into common shares

Insights

Securities Analyst

TL;DR: Insider sold portions of direct holdings while converting preferred shares into 100,000 common shares, increasing indirect common stock exposure.

The reporting shows material open-market sales executed across three days in late September 2025 that reduced Mr. Ault's direct holdings, with disclosed VWAP for 09/24/2025 of $2.3090. Separately, conversion of Series B preferred into 100,000 common shares on 09/25/2025 increased the number of shares held indirectly by Ault Lending, LLC. Holdings include convertible preferred interests with a stated conversion price subject to adjustment and multiple warrants held by Ault Lending expiring 2029. For investors, these are routine liquidity and capital structure actions rather than operational disclosures.

Corporate Governance Expert

TL;DR: Transactions are governance-relevant but not an unusual red flag; related-party indirect holdings are significant and clearly disclosed.

Mr. Ault is identified as having voting and investment power over securities held by affiliated entities: Ault Lending, Ault Life Sciences, and Ault Life Sciences Fund. The Form 4 properly discloses both direct sales and indirect increases via conversion. The conversion of Series B Preferred to common shares and the presence of high-exercise-price warrants are important to monitor for future dilution. Disclosure quality is adequate: sale price ranges and VWAP for the 09/24/2025 trades are provided, and conversion terms note adjustment provisions and no expiration date for the Series B preferred.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

AULT MILTON C III

(Last) (First) (Middle)

11411 SOUTHERN HIGHLANDS PARKWAY

SUITE 190

(Street)

LAS VEGAS NV 89141

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Alzamend Neuro, Inc. [ ALZN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/23/2025		S		43,238	D	$2.3757	65,022	I	By Ault Lending, LLC(1)
Common Stock	09/24/2025		S		39,140	D	$2.309(2)	25,882	I	By Ault Lending, LLC(1)
Common Stock	09/25/2025		S		14,628	D	$2.3126	11,254	I	By Ault Lending, LLC(1)
Common Stock	09/25/2025		C		100,000(3)	A	$2.32	111,254	I	By Ault Lending, LLC(1)
Common Stock								1,843	D
Common Stock								11,068	I	By Ault Life Sciences, Inc.(4)
Common Stock								61	I	By Ault Life Sciences Fund, LLC(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series B Convertible Preferred Stock	$2.32(6)	09/25/2025		C			232	01/31/2024	(7)	Common Stock	100,000	$1,000	839.2447	I	By Ault Lending, LLC(1)
Common Stock Purchase Warrants	$108							08/01/2024	08/01/2029	Common Stock	13,556		13,556	I	By Ault Lending, LLC(1)
Common Stock Purchase Warrants	$108							09/27/2024	09/27/2029	Common Stock	8,667		8,667	I	By Ault Lending, LLC(1)
Common Stock Purchase Warrants	$108							10/30/2024	10/30/2029	Common Stock	1,111		1,111	I	By Ault Lending, LLC(1)

Explanation of Responses:

1. Ault Lending, LLC ("Ault Lending"), is a wholly-owned subsidiary of Hyperscale Data, Inc. ("HSD"). Mr. Ault, the Executive Chairman of HSD, is deemed to have voting and investment power with respect to the securities held of record by Ault Lending.

2. The common stock was sold by the reporting person in open market transactions on the transaction date, with a volume weighted average sale price of $2.3090. The range of sales prices on the transaction date was $2.3088 to $2.3217 per share. The reporting person undertakes to provide, upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each price.

3. Represents shares of common stock received upon conversion of Series B convertible preferred stock ("Series B Preferred").

4. Mr. Ault has sole voting and investment power with respect to the securities held of record by Ault Life Sciences, Inc.

5. Mr. Ault has sole voting and investment power with respect to the securities held of record by Ault Life Sciences Fund, LLC.

6. The Conversion Price of the Series B Preferred is subject to adjustment as set forth in that certain Designation of Preferences, Rights and Limitations of the Series B Convertible Voting Preferred Stock.

7. The shares of Series B Preferred have no expiration date.

Remarks:

	/s/ Milton C. Ault, III	09/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What trades did Milton C. Ault III report for ALZN in late September 2025?

The Form 4 reports open-market sales of common stock on 09/23/2025 (43,238 shares at $2.3757), 09/24/2025 (39,140 shares at a $2.3090 VWAP), and 09/25/2025 (14,628 shares at $2.3126), plus conversion activity on 09/25/2025.

Did Mr. Ault increase or decrease his ALZN exposure on 09/25/2025?

On 09/25/2025 he both sold 14,628 shares and converted Series B preferred into 100,000 common shares, resulting in a net increase in indirectly held common shares via Ault Lending, LLC.

How is indirect ownership disclosed and which entities are involved?

Indirect ownership is disclosed through Ault Lending, LLC, Ault Life Sciences, Inc., and Ault Life Sciences Fund, LLC, with Mr. Ault having voting and investment power over those record holders.

Are there derivative instruments disclosed in the filing?

Yes. The filing discloses Series B convertible preferred stock (conversion price noted as $2.32 with adjustment provisions) and multiple common stock purchase warrants held by Ault Lending with expirations in 2029.

Was a VWAP provided for any sale date?

Yes. For 09/24/2025 the reporting person provided a volume weighted average sale price of $2.3090 and the range of sales prices on that date.