Adial Pharmaceuticals entered into a Purchase Agreement with Alumni Capital LP on December 13, 2024, allowing the company to sell up to $5M of newly issued common stock, with an option to increase to $10M. The purchase price per share will be 97% of the lowest daily volume-weighted average price over a three-day trading period, with a minimum price of $0.55 per share.The agreement runs until December 31, 2026, with Adial maintaining full control over the timing and amount of sales. The company is limited to issuing 1,280,515 shares (19.99% of outstanding shares) unless stockholder approval is obtained. As consideration, Adial issued 68,807 commitment shares to Alumni Capital.Proceeds from any sales will be used for strategic opportunities, staff expansion, working capital, and general corporate purposes. The agreement replaces a previous arrangement with Alumni Capital dated May 31, 2023, which was terminated effective December 13, 2024.

Adial Pharmaceuticals entered into a Purchase Agreement with Alumni Capital LP on December 13, 2024, allowing the company to sell up to $5M of newly issued common stock, with an option to increase to $10M. The purchase price per share will be 97% of the lowest daily volume-weighted average price over a three-day trading period, with a minimum price of $0.55 per share.The agreement runs until December 31, 2026, with Adial maintaining full control over the timing and amount of sales. The company is limited to issuing 1,280,515 shares (19.99% of outstanding shares) unless stockholder approval is obtained. As consideration, Adial issued 68,807 commitment shares to Alumni Capital.Proceeds from any sales will be used for strategic opportunities, staff expansion, working capital, and general corporate purposes. The agreement replaces a previous arrangement with Alumni Capital dated May 31, 2023, which was terminated effective December 13, 2024.