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Adial Pharmaceuticals Announces Pricing of $10 Million Registered Direct Offering
CHARLOTTESVILLE, Va., Feb. 11, 2022 (GLOBE NEWSWIRE) -- Adial Pharmaceuticals, Inc. (NASDAQ: ADIL; ADILW) (“Adial” or the “Company”), a clinical-stage
About this update from Adial Pharmaceuticals, Inc
[{"type":"text","content":"CHARLOTTESVILLE, Va., Feb. 11, 2022 (GLOBE NEWSWIRE) -- Adial Pharmaceuticals, Inc. (NASDAQ: ADIL; ADILW) (“Adial” or the “Company”), a clinical-stage biopharmaceutical company focused on developing therapies for the treatment and prevention of addiction and related disorders, today announced that it has entered into a securities purchase agreement with a single institutional investor to purchase approximately $10 million of its common stock (or pre-funded warrants in lieu thereof) in a registered direct offering and warrants to purchase common stock in a concurrent private placement. The combined effective purchase price for one share of common stock (or pre-funded warrant in lieu thereof) and a warrant to purchase 0.95 shares of common stock will be $2.40. Under the terms of the securities purchase agreement, Adial has agreed to sell 4,187,250 shares of common stock (or pre-funded warrants in lieu thereof). In a private placement, which will be consummated concurrently with the Offering, Adial has also agreed to issue warrants to purchase up to an aggregate of 3,977,888 shares of common stock. The warrants will be exercisable six months from the date of issuance, will expire five and a half years from the date of issuance, and will have an exercise price of $2.52 per share of common stock. Maxim Group LLC is acting as the sole placement agent for the offering. The offering is expected to close on or about February 15, 2022, subject to the satisfaction of customary closing conditions. The shares of common stock and pre-funded warrants are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-237793) previously filed and declared effective by the Securities and Exchange Commission (SEC). The offering of the shares of common stock will be made only by means of a prospectus supplement that forms a part of the registration statement. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. A prospectus supplement relating to the shares of common stock and pre-funded warrants will be filed by Adial with the SEC. When available, copies of the prospectus su...