Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
SECURITIES
Market Information
Our common stock began trading
on The NASDAQ Capital Market under the symbol “ALZN” on June 15, 2021. Prior to that date, there was no public trading market
for our common stock.
Holders of Record
As of July 19, 2022, there were approximately
133 stockholders of record of our common stock. The actual number of stockholders is greater than this number of record holders and includes
stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees. This number of holders
of record also does not include stockholders whose shares may be held in trust or by other entities.
Dividend Policy
We
have never declared or paid any cash dividends on our capital stock, and we do not currently intend to pay any cash dividends on our capital
stock in the foreseeable future. We currently intend to retain all available funds and any future earnings to support operations and to
finance the growth and development of our business. Any future determination to pay dividends will be made at the discretion of our Board
of Directors subject to applicable laws and will depend upon, among other factors, our results of operations, financial condition, contractual
restrictions and capital requirements. Our future ability to pay cash dividends on our capital stock may be limited by any future debt
instruments or preferred securities.
Equity Compensation Information
The information
required by this item regarding equity compensation plans is incorporated by reference to the information set forth in Item 12 of
this Annual Report on Form 10-K.
Recent Sales of Unregistered Securities
On
April 26, 2022, we issued and sold 2,666,667 shares of our common stock to Digital Power Lending, LLC (“DPL”) for $4 million,
or $1.50 per share, and issued to DPL warrants to acquire 1,333,333 shares of its common stock with an exercise price of $3.00 per share
pursuant to the March 12, 2021 securities purchase agreement.
Use of Proceeds
On
June 15, 2021, we issued and sold 2,875,000 shares of our common stock in the initial public offering (“IPO”) at a public
offering price of $5.00 per share, resulting in net proceeds of $12.9 million after deducting underwriting discounts and commissions and
offering expenses paid by us.
There
has been no material change in our planned use of the net proceeds from our IPO as described in our final prospectus filed pursuant to
Rule 424(b)(4) under the Securities Act with the SEC. As of April 30, 2022, we have used $6.8 million of the net proceeds from the IPO.
ITEM 6. [RESERVED]
- 48 -
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.