On October 24, 2023, Adial Pharmaceuticals, Inc. closed the transaction. The paid agent a cash fee equal to 7.0% of the aggregate gross proceeds of the Private Placement, a management fee of 1.0% of the aggregate gross proceeds of the Private Placement, a non-accountable expense allowance of $25,000, and $50,000 for legal fees and other out-of-pocket expenses. In addition, the Company issued to Wainwright or its designees warrants to purchase up to 85,106 shares of Common Stock, which represents 6.0% of the aggregate number of shares of Common Stock underlying the Pre-Funded Warrants sold in the Private Placement.

The company has received $3,998,582 pursuant to Regulation D and included participation from single investor.