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Adial Pharmaceuticals, Inc. (NASDAQ:ADIL) reported on Monday that it has regained compliance with the Nasdaq Capital Market’s minimum stockholders’ equity requirement, according to a statement based on a recent SEC filing.
The company disclosed that on July 14, Nasdaq staff informed Adial that it now complies with Listing Rule 5550(b)(1), which requires listed companies to maintain at least $2.5 million in stockholders’ equity. This follows a previous notice from Nasdaq on May 23, which stated that Adial’s stockholders’ equity of $2,126,662 as of March 31, 2025, was below the required threshold.
To address the deficiency, Adial completed a best efforts public offering on June 18. The offering included 5,341,200 shares of common stock, pre-funded warrants to purchase up to 5,758,800 shares, Series D warrants for up to 11,100,000 shares, and Series E warrants for up to 8,325,000 shares. The combined public offering price per share and accompanying warrants was $0.3251, while the price for each pre-funded warrant and accompanying warrants was $0.3241. The company reported aggregate gross proceeds of approximately $3.6 million before placement agent fees and other expenses. The stock, currently trading at $0.37, has shown significant volatility, with a notable 15.43% gain over the past week despite a steep 64.62% decline over the last six months. InvestingPro subscribers have access to 10+ additional exclusive insights about ADIL’s financial health and market performance.
As a result of the offering, Adial stated in a July 10 SEC filing that it believed it had regained compliance with the equity requirement. Nasdaq subsequently confirmed this compliance in its July 14 letter.
Nasdaq indicated it will continue to monitor Adial’s compliance with the equity standard. The company may be subject to delisting if it does not maintain compliance at the time of its next periodic report.
This information is based on a press release statement and disclosures made in the company’s recent SEC filing.
In other recent news, Adial Pharmaceuticals has taken significant steps in the development and potential commercialization of its investigational treatment for Alcohol Use Disorder (AUD), AD04. The company recently filed an update to its provisional patent application for AD04, extending protection for its core assets until at least 2045. This follows promising results from a Phase 3 clinical trial that indicated a reduction in drinking among heavy drinking patients without safety concerns. Additionally, Adial has secured manufacturing agreements with Thermo Fisher Scientific (NYSE:TMO) and Cambrex to produce AD04 for upcoming clinical trials and a planned New Drug Application submission to the FDA.
In another development, Adial Pharmaceuticals has priced a public offering of 11,100,000 shares of common stock, expected to generate approximately $3.6 million in gross proceeds. The funds are intended for working capital and general corporate purposes. The company has also made progress in refining its Phase 3 trial design for AD04 by partnering with Cytel Inc. to identify genetic subpopulations that may respond better to the treatment. Furthermore, Adial announced a change to the date of its 2025 Annual Meeting of Stockholders, now set for August 1, 2025. These recent developments highlight Adial Pharmaceuticals’ ongoing efforts to advance its treatment for AUD and strengthen its position in the biopharmaceutical industry.
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