Adial Pharmaceuticals, Inc. announced the entry into a warrant inducement agreement with an existing investor for the immediate exercise of existing warrants.
The transaction is expected to bring in gross cash proceeds of approximately $2.86 million.
The net proceeds from the offering will be utilized for working capital and general corporate purposes.
Warrant Inducement Transaction
Adial Pharmaceuticals entered a deal for the immediate exercise of existing warrants, resulting in $2.86 million in gross proceeds.
Series F Warrants
The investor will receive new unregistered Series F Warrants to purchase up to 13,823,512 shares of Common Stock.
Exclusive Financial Advisor
A.G.P./Alliance Global Partners is serving as the exclusive financial advisor for this transaction.
- The warrant inducement transaction signifies a major financial decision for Adial Pharmaceuticals, providing a substantial influx of cash.
- The agreement with the institutional investor showcases confidence in the company's future prospects and strategic direction.
Adial Pharmaceuticals' strategic move to secure funding through warrant inducement reflects a proactive approach to enhancing its financial position and advancing its therapeutic development initiatives.