10:44 AM EDT, 10/15/2024 (MT Newswires) -- Alzamend Neuro ( ALZN ) said Tuesday it is now in compliance with Nasdaq's $2.5 million minimum stockholders' equity requirement for continued listing.

Earlier this year, the company agreed to sell $25 million of its series A convertible preferred stock to an investor over a period of time. Alzamend said the investor has so far bought $8 million of the shares, with an additional $2 million to be funded within the next 30 days.

The investor is obligated to buy $1 million of the shares every month until January 2026, the company said.

The company's shares were down 4.2% in recent trading.

Price: 1.61, Change: -0.07, Percent Change: -4.17