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Adial Pharmaceuticals Announces Pricing of $3.6 Million Public Offering

GLEN ALLEN, Va., June 17, 2025 (GLOBE NEWSWIRE) -- Adial Pharmaceuticals, Inc. (NASDAQ:ADIL) ("Adial" or the "Company"), a clinical-stage biopharmaceutical company focused on developing therapies for the treatment and prevention of addiction and related disorders, today announced the pricing of its "reasonable best efforts" public offering for the purchase and sale of 11,100,000 shares of common stock of the Company (or common stock equivalents in lieu thereof), together with Series D warrants to purchase up to 11,100,000 shares of common stock (the "Series D Warrants") and Series E warrants to purchase up to 8,325,000 shares of common stock (the "Series E Warrants"), at a combined offering price of $0.3251 per share and accompanying warrants, for aggregate gross proceeds of approximately $3.6 million before deducting placement agent fees and other offering expenses.

The Series D Warrants and the Series E Warrants will have an exercise price of $0.35 per share. The Series D warrants will be exercisable beginning on the effective date of stockholder approval and will expire five years from the date of stockholder approval. The Series E warrants will be exercisable beginning on the effective date of stockholder approval and will expire eighteen months from the date of stockholder approval.

The closing of the offering is expected to occur on or about June 18, 2025, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $3.6 million, before deducting placement agent fees and other estimated offering expenses. The Company intends to use the net proceeds of this offering for working capital and general corporate purposes.

A.G.P./Alliance Global Partners is acting as the sole placement agent in connection with the offering.

In connection with the Offering, the Company also agreed to amend certain existing Series B-1 Warrants to purchase up to 2,482,270 shares of common stock (the "Series B-1 Warrants") and certain existing Series C-1 Warrants to purchase up to 4,025,000 shares of common stock (the Series C-1 Warrants") with an exercise price of $0.74 per share. Effective upon closing of the Offering, such existing warrants will be amended to reduce the exercise price to $0.35 per share; such exercise ...