Ault Global Holdings, Inc (NYSE American: DPW) disclosed that the fully-owned unit of the firm Digital Power Lending (DPL) has signed a security buying deal with Alzamend Neuro, Inc. As per the deal, Digital Power will make an investment of $10,000,000 in Alzamend ordinary share and permits, dependent to the attainment of certain targets.
The firm decided to finance $4,000,000 upon completion of the securities buying deal and to finance the balance upon Alzamend attaining certain indicators concerning the U.S. FDA authorization of Alzamend’s Investigational NDA and Phase 1a human clinical study for Alzamend’s lithium-based ionic cocrystal cure, known as AL001.
As per the deal, Alzamend has decided to dump up to 6,666,667 shares of its ordinary share to DPL for $10,000,000, or $1.50 per share, and issue to DPL permits to buy up to 3,333,334 shares of Alzamend common stock with an implementation price of $3.00 per share. The board of directors of the firm has mutually agreed to this deal.
Alzamend is an early-stage biopharmaceutical firm focused on creating innovative products for the cure of neurodegenerative disorders and mental illness. Shares of Ault Global Holdings, Inc (NYSE American: DPW) went down -3.41% as it lost -0.1300 at the time of writing on Friday. The firm has the last closing price of $3.6800. Ault Global has a total market capitalization of $108.47 million at the time of writing on Friday.