Ault Life Sciences eyes up to $100 million convertible preferreds

By Marisa Wong

Los Angeles, May 7 – Ault Life Sciences, Inc. announced plans to raise up to $100 million through an offering of series B convertible preferred stock and warrants.

Ault Life is offering up to 50,000 units at $2,000 per unit. Each unit will consist of 1,000 shares of series B convertible preferred stock and 1,000 common stock warrants.

The preferred shares are convertible into common shares at a conversion price of $2.00 per share, subject to adjustment, and subject to automatic conversion in some cases.

Proceeds from the Regulation D or Regulation S offering will be used to fund Alzamend Neuro, a biotechnology company dedicated to researching and developing treatments for Alzheimer’s disease.

Newport Beach, Calif.-based Ault Life is a subsidiary of Ault & Co., Inc., a private equity and venture capital firm.

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