Adial Pharmaceuticals Prices $3.6 Mln Public Offering With Accompanying Warrants

(RTTNews) - Adial Pharmaceuticals, Inc. (ADIL), a clinical-stage biopharma company focused on addiction therapies, has priced a "reasonable best efforts" public offering totaling approximately $3.6 million in gross proceeds before fees and expenses.

The offering includes 11.1 million shares of common stock (or equivalents), along with Series D warrants to purchase up to 11.1 million shares and Series E warrants to purchase up to 8.325 million shares. Each share and accompanying warrants are priced at a combined $0.3251.

Both Series D and E warrants carry an exercise price of $0.35 per share and become exercisable upon shareholder approval. The Series D warrants will expire five years after approval, while Series E warrants expire in eighteen months. The offering is expected to close on or around June 18, 2025, subject to customary conditions. Net proceeds will be used for general corporate purposes and working capital.

In conjunction with the offering, Adial will amend existing Series B-1 and Series C-1 warrants—previously priced at $0.74 per share—to reduce their exercise price to $0.35, pending shareholder approval. The B-1 and C-1 warrants will then expire five years and eighteen months, respectively, from the approval date.

The securities are being offered under a registration statement on Form S-1 that was declared effective on June 16, 2025.

Tuesday, ADIL closed at $0.2406, down 25.99%, and rose 2.20% in after-hours trading to $0.2459 on the NasdaqCM.