SCHEDULE: Ault Entities Adjust Alzamend Neuro Holdings

Milton C. Ault III and affiliated entities have updated their beneficial ownership in Alzamend Neuro, Inc., reporting a 15.9% stake and recent common stock sales.

Summary

• Milton C. Ault, III, along with affiliated entities Hyperscale Data, Inc., Ault Lending, LLC, Ault Life Sciences, Inc., and Ault Life Sciences Fund, LLC, collectively beneficially own 606,321 shares of Alzamend Neuro, Inc. common stock, representing approximately 15.9% of the class outstanding as of September 22, 2025.
• Ault Lending, LLC, an entity associated with Mr. Ault, engaged in significant transactions over the past 60 days, converting Series B Convertible Preferred Stock into common stock and subsequently selling a total of 343,429 common shares.
• The common stock sales by Ault Lending, LLC occurred at prices ranging from $2.9502 to $2.2155 per share.
• Other reporting persons, including William B. Horne, Henry C.W. Nisser, Kenneth S. Cragun, and David J. Katzoff, hold smaller beneficial ownership percentages, primarily through direct share holdings and stock options awarded in their capacities as officers and/or directors.
• The aggregate number of shares outstanding for Alzamend Neuro, Inc. was 3,339,861 as of September 22, 2025.

Sentiment

Score: 4

Explanation: The filing indicates a significant beneficial ownership stake by Milton C. Ault, III and affiliated entities, which could be seen as a positive sign of commitment. However, the substantial sales of common stock by Ault Lending, LLC over the past 60 days, totaling 343,429 shares, introduce a negative sentiment as it suggests a reduction in direct common stock exposure by a key insider group.

Positives

• Milton C. Ault, III and his affiliated entities maintain a substantial beneficial ownership stake of 15.9% in Alzamend Neuro, Inc., indicating continued significant interest in the company.
• Stock options were awarded to officers and directors, including Messrs. Ault, Horne, Nisser, Cragun, and Katzoff, aligning their interests with shareholder value.

Negatives

• Ault Lending, LLC, an entity associated with Milton C. Ault, III, sold a total of 343,429 shares of common stock over the past 60 days, which represents a substantial reduction in its direct common stock holdings.
• The common stock sales by Ault Lending, LLC occurred at declining prices, from $2.9502 per share on July 23, 2025, to $2.3485 per share on September 19, 2025.

Risks

• No specific risks beyond the nature of ownership and transactions are mentioned.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• 691 shares of the Issuer's securities acquired by Ault Lending, LLC were issued for marketing and brand development services provided by Hyperscale Data, Inc., its parent entity.
• Milton C. Ault, III is deemed to beneficially own shares held by Hyperscale Data, Inc., Ault Life Sciences, Inc., Ault Life Sciences Fund, LLC, and Ault Lending, LLC by virtue of his relationships with these entities.
• Hyperscale Data, Inc. is deemed to beneficially own shares held by Ault Lending, LLC by virtue of its relationship with the entity.

Stakeholder Impact

• Shareholders: The significant sales by Ault Lending, LLC could be perceived negatively, potentially signaling a reduction in conviction or profit-taking by a major insider, which might put downward pressure on the stock price.
• Management/Directors: The awarding of stock options to officers and directors (including Ault, Horne, Nisser, Cragun, Katzoff) aligns their interests with shareholder value.

Key Dates

Recommendation

While Milton C. Ault, III and his affiliated entities maintain a substantial beneficial ownership stake of 15.9% in Alzamend Neuro, Inc., the recent sales of 343,429 common shares by Ault Lending, LLC over the past 60 days are a notable concern. This insider selling, even if for portfolio rebalancing, could signal a reduction in conviction or profit-taking, which typically warrants caution. The overall beneficial ownership remains high, suggesting continued strategic interest, but the selling activity prevents a 'buy' recommendation. A 'hold' is appropriate to observe future insider activity and company performance.

Keywords

Alzamend Neuro, AZNM, Milton C. Ault III, Schedule 13D, beneficial ownership, stock options, Ault Lending, Hyperscale Data, Series B Preferred Stock, common stock, SEC filing