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Milton C. Ault III, a director and significant shareholder of Alzamend Neuro , Inc. (NASDAQ:ALZN), recently purchased 100 shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The shares were acquired on March 12 at a volume-weighted average price of approximately $0.6842 per share, with the purchase price ranging from $0.6841 to $0.6842. This transaction amounts to a total value of $68. The purchase comes as the stock trades near its 52-week low, having declined over 90% in the past year. InvestingPro data shows the stock is currently in oversold territory, with technical indicators suggesting potential overselling.
Following this acquisition, Ault holds a total of 77,368 shares indirectly through Ault Lending, LLC, a wholly-owned subsidiary of Hyperscale Data, Inc., where he serves as Executive Chairman. Additionally, Ault maintains direct ownership of 16,686 shares and indirect ownership of 99,619 shares through Ault Life Sciences, Inc., and 549 shares through Ault Life Sciences Fund, LLC. The company, currently valued at $3.75 million, maintains strong liquidity with a current ratio of 5.44, though InvestingPro analysis indicates overall weak financial health. Subscribers can access 14 additional InvestingPro Tips for deeper insights into ALZN’s financial position.
In other recent news, Alzamend Neuro, Inc. announced amendments to its corporate bylaws and the introduction of a new series of convertible preferred stock. The company’s Board of Directors approved a change reducing the quorum requirement for stockholder meetings from a majority to 35% of the outstanding capital stock entitled to vote. Additionally, Alzamend Neuro has created its Series C Convertible Preferred Stock, following an agreement with a sophisticated investor to exchange shares of Series A Convertible Preferred Stock for Series C Preferred Stock and to sell up to 500 shares of Series C Preferred Stock. This agreement could result in a total purchase price of up to $5 million, contingent on customary closing conditions and shareholder approval for transactions exceeding a 19.99% cap on common stock issuance.
Alzamend Neuro also reported the completion of a specialized head coil by Tesla (NASDAQ:TSLA) Dynamic Coils BV, which is set to aid in upcoming Phase II clinical trials. These trials will compare the pharmacokinetics of Alzamend’s product AL001 against traditional lithium carbonate in subjects with various neurological and psychiatric conditions. The head coil will facilitate high-resolution whole-brain imaging, enhancing the understanding of lithium distribution in the brain. The trials, conducted in collaboration with Massachusetts General Hospital, aim to explore the potential benefits of AL001, which may optimize brain absorption with lower blood concentration levels. This development could simplify treatment protocols by potentially eliminating the need for therapeutic drug monitoring of lithium.
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