Alzamend Neuro raises $7.5 million in unregistered sale of Series D convertible preferred stock to Ault Lending

Alzamend Neuro closed a $7.5 million private placement with Ault Lending via Series D Convertible Preferred Stock.

• The deal targets up to $25 million across 17 tranches and includes up to $17.5 million of additional funding for clinical programs and working capital.
• The initial tranche sold 7,500 preferred shares at $1,000 each, with a stated value of $1,050 per share.
• The next $2.5 million tranche is expected within 10 business days of SEC effectiveness for a resale registration covering conversion shares.
• The remaining $15 million is slated as monthly $1 million tranches over about 15 months.
• A 2% origination fee is due per closing.