Summary by Moomoo AI
On March 1, 2024, Adial Pharmaceuticals, Inc. entered into a material definitive agreement with a holder of the company's existing warrants, resulting in the exercise of warrants for approximately 1,150,000 shares of common stock at $2.82 per share. This transaction, which closed on March 6, 2024, generated gross proceeds of about $3.5 million for Adial Pharmaceuticals, before accounting for placement agent fees and other expenses. In addition to the exercise of existing warrants, the company issued new unregistered Series C Warrants for the purchase of 2,300,000 shares of common stock. The company has agreed to file a registration statement for the resale of the new warrant shares within 45 days of the transaction's initial closing. The net proceeds from this transaction are intended for working capital and...Show More