Summary by Futu AI
Adial Pharmaceuticals, Inc. has filed a prospectus related to the resale of up to 2,369,000 shares of common stock by Selling Stockholders. The shares are associated with Series C Common Warrants and Placement Agent Warrants issued in a private placement transaction that closed on March 6, 2024. The Selling Stockholders include certain identified stockholders and designees of H.C. Wainwright & Co., LLC, the placement agent for the private placement. The registration of these shares does not necessarily mean that the Selling Stockholders will sell their stock, as the sale is at their discretion. Adial Pharmaceuticals will not offer any shares under this prospectus and will not receive proceeds from the sale of the shares by the Selling Stockholders. However, the company will receive proceeds from any cash exercise of the warrants. The common stock is listed on the Nasdaq Capital Market under the symbol 'ADIL.' As of April 10, 2024, the closing price of Adial's common stock was $2.33 per share. The date of the prospectus is April 19, 2024.
