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William B. Horne, a director at Alzamend Neuro , Inc. (NASDAQ:ALZN), recently acquired shares of the company’s common stock, according to a recent SEC filing. On March 18, Horne purchased 5,000 shares in open market transactions at a volume-weighted average price of approximately $0.9703 per share, amounting to a total investment of $4,851. The purchase price ranged from $0.9693 to $0.9742 per share. The transaction comes as the stock has shown strong momentum, gaining over 40% in the past week, according to InvestingPro data.
Additionally, Horne exercised stock options to acquire 10,000 shares of common stock at a price of $0.06 per share, totaling $600. Following these transactions, Horne holds 21,666 shares directly in the micro-cap company, which currently maintains a market capitalization of $6.2 million.
These transactions reflect ongoing interest and investment in Alzamend Neuro, a company involved in pharmaceutical preparations, as Horne increases his stake in the firm. 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 more insights and 12 additional ProTips about ALZN with an InvestingPro subscription.
In other recent news, Alzamend Neuro has announced the completion of a specialized head coil by Tesla (NASDAQ:TSLA) Dynamic Coils BV, aimed at enhancing their upcoming Phase II clinical trials. These trials will compare the pharmacokinetics of their product AL001 with traditional lithium carbonate in patients with neurological and psychiatric conditions. The completion of this head coil is expected to facilitate high-resolution brain imaging, providing insights into lithium distribution within the brain. Additionally, Alzamend Neuro has entered into a significant agreement involving the sale and exchange of equity securities, which could amount to a total purchase price of up to $5 million. This deal includes the exchange of Series A Convertible Preferred Stock for Series C Convertible Preferred Stock and the sale of additional Series C shares and warrants. The agreement is structured in several tranches and involves customary closing conditions and shareholder approval. Furthermore, the company has amended its corporate bylaws and introduced a new series of convertible preferred stock, aiming to enhance financial flexibility. These developments underscore Alzamend Neuro’s ongoing efforts to secure funding and advance its clinical research projects.
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