Milton Ault and Affiliates Report 11.2% Beneficial Ownership in ALZN

Rhea-AI Filing Summary

Alzamend Neuro, Inc. (ALZN) Schedule 13D/A discloses that Milton C. Ault, III and affiliated entities beneficially own a combined 429,687 common shares, representing approximately 11.2% of the 3,439,861 shares outstanding reported by the issuer. That total includes direct holdings, stock options, warrants and shares underlying Series B convertible preferred stock held across Hyperscale Data, Ault Lending, Ault Life Sciences and related entities.

The filing breaks out ownership and voting/dispositive power: Mr. Ault directly holds 1,843 shares and shares control of 427,844 shares; Hyperscale Data and Ault Lending each report approximately 10.9% beneficial ownership. The filing states sources of funds for purchases (working capital or personal funds) and lists aggregate purchase prices for several holdings and instruments. No transactions in the past 60 days are reported except as set forth in Exhibit 1.

Positive

• Material disclosure of beneficial ownership totaling 429,687 shares (~11.2%), providing transparency to investors
• Detailed breakdown of holdings by instrument type (direct shares, options, warrants, Series B convertible preferred) and by affiliated entities
• Purchase price and source of funds provided for many holdings, clarifying economic commitment

Negative

• Concentrated control via Mr. Ault and affiliated entities could meaningfully influence voting outcomes given the ~11.2% stake
• Significant ownership is held through instruments (convertible preferred and warrants) that could further affect capitalization if converted or exercised

Insights

Corporate Governance Expert

TL;DR Significant 11.2% beneficial stake by Milton Ault through affiliated entities raises governance concentration and voting influence questions.

The filing shows Mr. Ault controls material voting and dispositive power through direct holdings and related entities, including shares underlying Series B convertible preferred stock and exercisable warrants. Combined ownership of 429,687 shares of 3,439,861 outstanding equates to ~11.2% and signals a meaningful block position that could influence corporate decisions depending on alignment with other shareholders. The disclosure of purchase prices and sources of funds clarifies economic exposure and that multiple instruments contribute to the stake.

Securities Analyst

TL;DR The Schedule 13D/A is a material ownership disclosure documenting a sizable multi-entity stake but contains no recent trading activity details beyond Exhibit 1.

The report quantifies holdings across direct shares, options, warrants and convertible preferred stock that together produce an ~11.2% beneficial interest for Mr. Ault and ~10.9% interests for Hyperscale Data and Ault Lending. The filing provides granular purchase-price information for multiple tranches and identifies working capital and personal funds as sources, improving transparency on economic exposure. The absence of transactions in the past 60 days (other than Exhibit 1) is noted.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 9)

Alzamend Neuro, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

02262M605

(CUSIP Number)

MILTON C. AULT, III
c/o HYPERSCALE DATA, INC. 11411 SOUTHERN, HIGHLANDS PARKWAY, SUITE 190
Las Vegas, NV, 89141
(949) 444-5464

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/26/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 02262M605

1

Name of reporting person

MILTON C. AULT, III

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,843.00
8	Shared Voting Power 427,844.00
9	Sole Dispositive Power 1,843.00
10	Shared Dispositive Power 427,844.00

11

Aggregate amount beneficially owned by each reporting person

429,687.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Sole voting and dispositive power represents shares of Common Stock. Shared voting and dispositive power represents (i) 361,743 shares of Common Stock underlying shares of Series B Convertible Preferred Stock held by Ault Lending, LLC, (ii) 23,334 shares of Common Stock underlying currently exercisable warrants held by Ault Lending, LLC, (iii) 31,626 shares of Common Stock held by Ault Lending, LLC, (iv) 11,068 shares of Common Stock held by Ault Life Sciences, Inc., (v) 61 shares of Common Stock held by Ault Life Sciences Fund, LLC, and (vi) 12 shares of Common Stock underlying currently exercisable warrants held by Hyperscale Data, Inc.

SCHEDULE 13D

CUSIP No. 02262M605

1

Name of reporting person

WILLIAM B. HORNE

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,518.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,518.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,518.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Represents (i) 3,333 shares of Common Stock and (ii) 185 shares of Common Stock underlying stock options currently exercisable or exercisable within 60 days.

SCHEDULE 13D

CUSIP No. 02262M605

1

Name of reporting person

HENRY C.W. NISSER

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

SWEDEN

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 926.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 926.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

926.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Represents shares of Common Stock underlying stock options currently exercisable or exercisable within 60 days.

SCHEDULE 13D

CUSIP No. 02262M605

1

Name of reporting person

KENNETH S. CRAGUN

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,111.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,111.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,111.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Represents shares of Common Stock underlying stock options currently exercisable or exercisable within 60 days.

SCHEDULE 13D

CUSIP No. 02262M605

1

Name of reporting person

DAVID J. KATZOFF

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,726.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,726.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,726.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Represents (i) 615 shares of Common Stock and (ii) 1,111 shares of Common Stock underlying stock options currently exercisable or exercisable within 60 days.

SCHEDULE 13D

CUSIP No. 02262M605

1

Name of reporting person

HYPERSCALE DATA, INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 416,715.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 416,715.00

11

Aggregate amount beneficially owned by each reporting person

416,715.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.9 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Represents (i) 12 shares of Common Stock underlying currently exercisable warrants held by it, (ii) 361,743 shares of Common Stock underlying shares of Series B Convertible Preferred Stock held by Ault Lending, LLC, (iii) 23,334 shares of Common Stock underlying currently exercisable warrants held by Ault Lending, LLC, and (iv) 31,626 shares of Common Stock held by Ault Lending, LLC.

SCHEDULE 13D

CUSIP No. 02262M605

1

Name of reporting person

AULT LENDING, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 416,703.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 416,703.00

11

Aggregate amount beneficially owned by each reporting person

416,703.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.9 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Represents (i) 31,626 shares of Common Stock, (ii) 361,743 shares of Common Stock underlying shares of Series B Convertible Preferred Stock and (iii) 23,334 shares of Common Stock underlying currently exercisable warrants.

SCHEDULE 13D

CUSIP No. 02262M605

1

Name of reporting person

AULT LIFE SCIENCES, INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 11,068.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 11,068.00

11

Aggregate amount beneficially owned by each reporting person

11,068.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.3 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 02262M605

1

Name of reporting person

AULT LIFE SCIENCES FUND, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 61.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 61.00

11

Aggregate amount beneficially owned by each reporting person

61.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.0001 per share
(b)	Name of Issuer: Alzamend Neuro, Inc.
(c)	Address of Issuer's Principal Executive Offices: 480 Peachtree Road NE, Second Floor, Suite 103, Atlanta, GEORGIA , 30326.
Item 1 Comment: Optional Comments up to 20,000 characters.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is amended and restated in its entirety as follows: The securities of the Issuer purchased by each of Hyperscale Data, Ault Life Sciences and Ault Life Sciences Fund were purchased with working capital. The securities of the Issuer acquired by Ault Lending were acquired with working capital. The Shares purchased by Messrs. Ault, Horne and Katzoff were purchased with personal funds. The stock options owned by Messrs. Ault, Horne, Nisser, Cragun and Katzoff were awarded to them in their capacities as officers and/or directors of the Issuer. The aggregate purchase price of the warrants currently exercisable into 12 Shares owned directly by Ault Alliance is approximately $0. The aggregate purchase price of the 11,068 Shares owned directly by Ault Life Sciences is approximately $7,970. The aggregate purchase price of the 61 Shares owned directly by Ault Life Sciences Fund is approximately $123,707. The aggregate purchase price of the 31,626 Shares owned directly by Ault Lending is approximately $73,372. The aggregate purchase price of the approximate 839.24 shares of Series B convertible preferred stock (the "Series B Convertible Preferred Stock") and warrants currently exercisable (subject to beneficial ownership limitations contained therein) into 23,334 Shares owned directly by Ault Lending is approximately $839,245. The aggregate purchase price of the 1,843 Shares owned directly by Mr. Ault is approximately $1,179. The aggregate purchase price of the 3,333 Shares owned directly by Mr. Horne is approximately $14,028. The aggregate purchase price of the 615 Shares owned directly by Mr. Katzoff is approximately $53,374.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated in its entirety as follows: The aggregate percentage of Shares reported beneficially owned by the Reporting Person is based upon 3,439,861 Shares outstanding as of September 29, 2025, which is the total number of Shares outstanding as reported by the Issuer to the Reporting Persons. As of the date hereof, Mr. Ault may be deemed to beneficially own 429,687 Shares, consisting of (i) 1,843 Shares held directly by him, (ii) 361,743 Shares underlying shares of Series B Convertible Preferred Stock held by Ault Lending, (iii) 23,334 Shares underlying currently exercisable warrants held by Ault Lending, (iv) 31,626 Shares held by Ault Lending, (v) 11,068 Shares held by Ault Life Sciences, (vi) 61 Shares held by Ault Life Sciences Fund, and (vii) 12 Shares underlying currently exercisable warrants held by Hyperscale Data. Mr. Ault may be deemed to beneficially own the Shares beneficially owned by Hyperscale Data, Ault Life Sciences, Ault Life Sciences Fund and Ault Lending by virtue of his relationships with such entities described in Item 2. Percentage: Approximately 11.2% As of the date hereof, Mr. Horne may be deemed to beneficially own 3,518 Shares, consisting of (i) 3,333 Shares held directly by him and (ii) 185 Shares underlying stock options currently exercisable or exercisable within 60 days. Percentage: Approximately 0.1% As of the date hereof, Mr. Nisser may be deemed to beneficially own 926 Shares, consisting of Shares underlying stock options currently exercisable or exercisable within 60 days. Percentage: Approximately 0.0% As of the date hereof, Mr. Cragun may be deemed to beneficially own 1,111 Shares, consisting of Shares underlying stock options currently exercisable or exercisable within 60 days. Percentage: Approximately 0.0% As of the date hereof, Hyperscale Data may be deemed to beneficially own 416,715 Shares, consisting of (i) 12 Shares underlying currently exercisable warrants held directly by it, (ii) 361,743 Shares underlying shares of Series B Convertible Preferred Stock held by Ault Lending, (iii) 23,334 Shares underlying currently exercisable warrants held by Ault Lending, and (iv) 31,626 Shares held by Ault Lending. Hyperscale Data may be deemed to beneficially own the Shares beneficially owned by Ault Lending by virtue of its relationship with such entity described in Item 2. Percentage: Approximately 10.9% As of the date hereof, Ault Lending may be deemed to beneficially own 416,703 Shares, consisting of (i) 31,626 Shares held directly by it, (ii) 361,743 Shares underlying shares of Series B Convertible Preferred Stock held directly by it, and (iii) 23,334 Shares underlying currently exercisable warrants held directly by it. Percentage: Approximately 10.9% As of the date hereof, Ault Life Sciences may be deemed to beneficially own 11,068 Shares held directly by it. Percentage: Approximately 0.3% As of the date hereof, Ault Life Sciences Fund may be deemed to beneficially own 61 Shares held directly by it. Percentage: Approximately 0.0%
(b)	Item 5(b) is hereby amended and restated in its entirety as follows: Mr. Ault: 1. Sole power to vote or direct vote: 1,843 2. Shared power to vote or direct vote: 427,844 3. Sole power to dispose or direct the disposition: 1,843 4. Shared power to dispose or direct the disposition: 427,844 Mr. Horne: 1. Sole power to vote or direct vote: 3,518 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 3,518 4. Shared power to dispose or direct the disposition: 0 Mr. Nisser: 1. Sole power to vote or direct vote: 926 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 926 4. Shared power to dispose or direct the disposition: 0 Mr. Cragun: 1. Sole power to vote or direct vote: 1,111 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,111 4. Shared power to dispose or direct the disposition: 0 Mr. Katzoff: 1. Sole power to vote or direct vote: 1,726 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,726 4. Shared power to dispose or direct the disposition: 0 Hyperscale Data: 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 416,715 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 416,715 Ault Lending: 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 416,703 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 416,703 Ault Life Sciences: 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 11,068 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 11,068 Ault Life Sciences Fund: 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 61 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 61
(c)	Item 5(c) is amended and restated in its entirety as follows: None of the Reporting Persons have engaged in any transactions in the Shares during the past 60 days except as set forth in Exhibit 1 hereto.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1 - Transactions in the Securities of the Issuer During the Past 60 Days

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

MILTON C. AULT, III

Signature:	/s/ Milton C. Ault, III
Name/Title:	Individual
Date:	09/30/2025

WILLIAM B. HORNE

Signature:	/s/ William B. Horne
Name/Title:	Individual
Date:	09/30/2025

HENRY C.W. NISSER

Signature:	/s/ Henry C. Nisser
Name/Title:	Individual
Date:	09/30/2025

KENNETH S. CRAGUN

Signature:	/s/ Kenneth S. Cragun
Name/Title:	Individual
Date:	09/30/2025

DAVID J. KATZOFF

Signature:	/s/ David J. Katzoff
Name/Title:	Individual
Date:	09/30/2025

HYPERSCALE DATA, INC.

Signature:	/s/ Milton C. Ault, III
Name/Title:	Executive Chairman
Date:	09/30/2025

AULT LENDING, LLC

Signature:	/s/ David J. Katzoff
Name/Title:	Manager
Date:	09/30/2025

AULT LIFE SCIENCES, INC.

Signature:	/s/ Milton C. Ault, III
Name/Title:	Chief Executive Officer
Date:	09/30/2025

AULT LIFE SCIENCES FUND, LLC

Signature:	/s/ Milton C. Ault, III
Name/Title:	Managing Member
Date:	09/30/2025

FAQ

How many Alzamend Neuro (ALZN) shares does Milton C. Ault, III beneficially own?

Milton C. Ault, III may be deemed to beneficially own 429,687 shares, approximately 11.2% of 3,439,861 shares outstanding.

Which affiliated entities report significant ALZN holdings in the filing?

The filing shows material holdings by Hyperscale Data, Inc., Ault Lending, LLC, Ault Life Sciences, Inc., and Ault Life Sciences Fund, LLC.

What types of securities contribute to the reported ownership?

Ownership includes direct common shares, shares underlying Series B convertible preferred stock, currently exercisable warrants, and stock options.

What percentage of ALZN does Hyperscale Data and Ault Lending beneficially own?

Both Hyperscale Data and Ault Lending are reported to beneficially own approximately 10.9% of the outstanding shares.

What sources of funds were used to acquire the securities reported?

The filing states purchases by Hyperscale Data, Ault Life Sciences and Ault Life Sciences Fund were made with working capital; Ault Lending purchases used working capital; individual purchases by Messrs. Ault, Horne and Katzoff used personal funds.

Does the filing report any transactions in the past 60 days?

The filing states no transactions in the past 60 days except as set forth in Exhibit 1.