Adial Pharmaceuticals announced on May 2, 2025, its entry into a warrant inducement agreement with an existing healthcare-focused institutional investor. This agreement facilitates the immediate exercise of existing Series B and Series C Warrants.
The warrants, totaling up to 3,718,440 shares of common stock, were exercised at a reduced price of $0.74 per share, generating gross cash proceeds of approximately $2.75 million. The company intends to use the net proceeds for working capital and other general corporate purposes.
In consideration for the immediate exercise, the investor will receive new unregistered Series B-1 and Series C-1 Warrants to purchase up to 6,507,270 shares of common stock. These new warrants will have an exercise price of $0.74 and will be exercisable upon stockholder approval, with closing expected around May 5, 2025.
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