Alzamend Neuro Announces Initial Closing of Securities Purchase Agreement with Ault Lending
Alzamend Neuro announced the initial closing of a Securities Purchase Agreement with Ault Lending, receiving $7.5 million in gross proceeds from the first tranche of its newly designated Series D Convertible Preferred Stock. The agreement provides for up to $25 million in total funding, with up to $17.5 million available through subsequent tranche closings to support clinical programs and working capital needs.
Why it matters — Alzamend watchers would want to know about the new financing arrangement, which provides initial capital and a potential source of additional funds for the company's clinical programs.