Armistice Capital Reduces Stake in Adial Pharmaceuticals to 4.99%

On May 15, 2026, Armistice Capital, LLC and Steven Boyd filed a Schedule 13G/A regarding their holdings in Adial Pharmaceuticals, Inc. (ADIL). The filing reveals a significant decrease in their ownership position. As of the event date of March 31, 2026, the reporting persons beneficially own 274,139 shares of common stock, representing a 4.99% ownership stake. This is a substantial reduction from their previously reported position of 2,799,643 shares, which accounted for approximately 9.99% of the company. Armistice Capital serves as the investment manager for the Armistice Capital Master Fund Ltd., which is the direct holder of the shares. Steven Boyd, as the managing member of Armistice Capital, shared voting and dispositive power over these securities. By reducing their stake to below 5%, the reporting persons have crossed a regulatory threshold, as indicated by the 'Y' in Item 5 regarding ownership of five percent or less. The securities were acquired in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.