Alzamend Neuro Halts Equity Offering Program, Prioritizing Shareholder Value Amid Strategic Shift, Shares Slide

Alzamend Neuro, Inc. ALZN made waves Tuesday when the company announced its decision to terminate its “at-the-market” equity offering program. Shares were down nearly 12% at last check.

What To Know: The move, aimed at minimizing uncertainty and preserving shareholder value, saw Alzamend cease further sales of common stock under its at-the-market equity offering, effectively concluding its obligations related to the program. Despite initiating the termination process ten days prior, the official cessation is scheduled for May 16, 2024.

During the tenure of the offering program, Alzamend managed to sell approximately 1,076,821 shares of common stock, generating gross proceeds of around $1.3 million, translating to roughly $1.20 per share.

Alzamend Neuro said its focus on advancing treatments for Alzheimer's, bipolar disorder, major depressive disorder and post-traumatic stress disorder remains unwavering. Anchored by innovative therapeutic candidates like AL001 and ALZN002, licensed from the University of South Florida Research Foundation, Alzamend said it plans to continue its mission to bring safe and effective treatments to market rapidly.

The market reacted swiftly to the new developments, with Alzamend Neuro shares trading lower following the termination of the equity offering program. This strategic move underscores Alzamend’s commitment to navigating challenges and maintaining shareholder confidence amid evolving market dynamics.

See Also: FibroGen Shares Climb On Strong Q1 Sales

ALZN Price Action: Alzamend Neuro shares were down 11.9% at 62 cents Tuesday afternoon, according to Benzinga Pro.

Image: courtesy of Alzamend Neuro.