05:00 PM EST, 12/20/2024 (MT Newswires) -- Adial Pharmaceuticals ( ADIL ) late Friday said Alumni Capital plans to sell up to 5 million shares of its stock from time to time, including 68,807 shares it issued through a commitment agreement.

The upcoming stock sale could include shares acquired by Alumni Capital through a $5 million purchase agreement disclosed late last week.

The preliminary prospectus filed Friday does not require Alumni Capital to sell a particular number of shares or establish a deadline or set a price for any future stock sale, Adail Pharmaceuticals said.