Alzamend Neuro Completes $14.4 Million Initial Public Offering
Olshan acted as counsel to Alzamend Neuro, Inc. in a $14.4 million initial public offering of 2,875,000 shares of its common stock and Nasdaq listing (ticker: ALZN). A subsidiary of Ault Global Holdings, Inc., whose Chairman is indirectly the largest single shareholder of Alzamend Neuro, purchased $10 million of the shares sold in the offering. Founded in 2016, Alzamend Neuro is developing products to treat neurodegenerative diseases and psychiatric disorders. Its lead product candidate, AL001, is an ionic cocrystal of lithium that is being developed to treat Alzheimer’s disease.
Spartan Capital Securities served as sole book-running manager for the offering.
Olshan also advises Ault Global Holdings, a NYSE-listed diversified holding company focused on disruptive technologies. This transaction marks Ault Global Holdings’ first of several potential “carve-out” IPOs for its affiliated companies.