SoFi CEO enters prepaid forward contract on 1.5 million shares
In a recent transaction reported to the Securities and Exchange Commission, William B. Horne, a director at Alzamend Neuro , Inc. (NASDAQ:ALZN), purchased 5,000 shares of the company’s common stock. The micro-cap biotech firm, currently valued at $6.4 million, has seen its shares surge nearly 38% over the past week, according to InvestingPro data. The shares were acquired in open market transactions on March 20, 2025, at a volume-weighted average price of $0.9783 per share, with purchase prices ranging from $0.974 to $0.9799 per share. Following this transaction, Horne’s direct ownership in Alzamend Neuro increased to 26,666 shares. The company maintains strong liquidity with a current ratio of 5.44, and InvestingPro analysis suggests the stock is currently undervalued. For deeper insights into ALZN’s valuation and 12 additional ProTips, visit InvestingPro.
In other recent news, Alzamend Neuro has announced several significant developments. The company has entered into an agreement for selling and exchanging equity securities with a sophisticated investor, potentially reaching a total purchase price of up to $5 million. This deal involves the exchange of Series A Convertible Preferred Stock for Series C Convertible Preferred Stock, and the sale of up to 500 shares of Series C Preferred Stock, along with warrants to purchase common stock. The Series C Preferred Stock has a stated value of $10,000 per share and offers cumulative cash dividends at an annual rate of 15%. Additionally, Alzamend Neuro has amended its corporate bylaws to reduce the quorum requirement for stockholder meetings from a majority to 35% of the outstanding capital stock entitled to vote. The company has also completed a specialized head coil for its upcoming Phase II clinical trials, which will compare the pharmacokinetics of their product AL001 against traditional lithium carbonate. This innovation is expected to aid in determining optimal dosages for treating neurological and psychiatric conditions. Alzamend Neuro’s collaboration with Massachusetts General Hospital will oversee these trials, aiming to optimize lithium distribution in the brain.
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