LAS VEGAS--(BUSINESS WIRE)--Mar. 12, 2021--
Ault Global Holdings, Inc. (NYSE American: DPW), a diversified holding company (the “Company”), announced today that its wholly owned subsidiary, Digital Power Lending, LLC (“DPL”), has entered into a securities purchase agreement with Alzamend Neuro, Inc. (“Alzamend”), a related party, to invest $10,000,000 in Alzamend common stock and warrants, subject to the achievement of certain milestones. The Company agreed to fund $4,000,000 upon execution of the securities purchase agreement and to fund the balance upon Alzamend achieving certain milestones related to the U.S. Food and Drug Administration approval of Alzamend’s Investigational New Drug application and Phase 1a human clinical trials for Alzamend’s lithium based ionic cocrystal therapy, known as AL001. Under the securities purchase agreement, Alzamend has agreed to sell up to 6,666,667 shares of its common stock to DPL for $10,000,000, or $1.50 per share, and issue to DPL warrants to acquire up to 3,333,334 shares of Alzamend common stock with an exercise price of $3.00 per share. The transaction was approved by the Company’s independent directors after receiving a third-party valuation report of Alzamend.
Alzamend is an early stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders. Alzamend currently has two product candidates, aiming to bring treatments or cures for Alzheimer’s disease and other neurodegenerative diseases and psychiatric disorders to market at a reasonable cost as quickly as possible. On December 30, 2020, the Company announced that Alzamend had confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission. The public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.
“Our Company is proud to support Alzamend in it development and testing of treatments and cures for Alzheimer’s disease,” said Milton “Todd” Ault, III, the Company’s Executive Chairman. “We believe that strong support of research is the foundation for true innovation. Alzamend is currently working to transition two therapeutics targeting Alzheimer’s disease from the preclinical stage at the University of South Florida into the clinical stage and towards full commercialization. Alzamend has licensed both a patented mutant-peptide immunotherapeutic (“AL002”) for use as a treatment or vaccine and a lithium based ionic cocrystal therapy (“AL001”) that we believe may greatly reduce or eliminate the symptoms of agitation and other endpoints for mild to moderate stage patients diagnosed with Alzheimer’s. While there is currently no cure, prevention, or treatment to slow the progression of Alzheimer’s disease, if AL001 and AL002 prove safe and efficacious, we believe that we can change that.”
For more information on Ault Global Holdings and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company’s public filings and press releases available under the Investor Relations section at www.AultGlobal.com or available at www.sec.gov.
About Ault Global Holdings, Inc.
Ault Global Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma, and textiles. In addition, the Company extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Global Holding’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.AultGlobal.com.
This press release contains “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.AultGlobal.com.
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Source: Ault Global Holdings, Inc.