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Milton C. Ault III, a director and significant shareholder of Alzamend Neuro , Inc. (NASDAQ:ALZN), recently acquired additional shares of the company’s common stock. The micro-cap company, currently valued at $6.54 million, has seen its stock surge 8.52% over the past week, though it remains significantly below its 52-week high of $15.06. According to a recent SEC filing, Ault purchased 2,905 shares at a price of $1.022 per share, amounting to a total transaction value of $2,968. Following this acquisition, Ault holds a substantial number of shares both directly and indirectly through various entities, including Ault Lending, LLC and Ault Life Sciences, Inc. The transactions were reported as indirect ownership, emphasizing Ault’s investment power over the shares held by these entities. InvestingPro analysis shows the company maintains a strong liquidity position with a current ratio of 5.44 and holds more cash than debt on its balance sheet. Discover 12 more exclusive InvestingPro Tips and comprehensive financial metrics to make informed investment decisions.
In other recent news, Alzamend Neuro has announced several significant developments that may interest investors. The company reported amendments to its corporate bylaws, notably reducing the quorum requirement for stockholder meetings from a majority to 35% of the outstanding capital stock. Additionally, Alzamend Neuro has introduced a new series of convertible preferred stock, Series C, which aims to enhance financial flexibility. This move follows an agreement with an investor to exchange Series A Convertible Preferred Stock for Series C shares, along with the sale of up to 500 Series C shares.
The Series C Preferred Stock carries a stated value of $10,000 per share and includes cumulative cash dividends at an annual rate of 15%. The company has also issued warrants for 1,000,000 shares of common stock as part of this agreement. In a separate development, Alzamend Neuro announced the completion of a specialized head coil by Tesla (NASDAQ:TSLA) Dynamic Coils BV, which will be used in upcoming Phase II clinical trials. These trials will assess the pharmacokinetics of their product AL001 compared to traditional lithium carbonate.
The trials, in collaboration with Massachusetts General Hospital, aim to provide insights into lithium distribution within the brain, potentially improving treatments for conditions like Alzheimer’s disease and bipolar disorder. These recent developments reflect Alzamend Neuro’s ongoing efforts to secure funding and advance its clinical research initiatives.
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