Business
Cingulate Announces Closing of $4.0 Million Public Offering
KANSAS CITY, Kan., Sept. 13, 2023 (GLOBE NEWSWIRE) -- Cingulate Inc. (NASDAQ: CING) (“Cingulate,” the “Company,” “we,” “our” or “us”), a biopharmaceutical
About this update from Cingulate Inc.
[{"type":"text","content":"KANSAS CITY, Kan., Sept. 13, 2023 (GLOBE NEWSWIRE) -- Cingulate Inc. (NASDAQ: CING) (“Cingulate,” the “Company,” “we,” “our” or “us”), a biopharmaceutical company utilizing its proprietary Precision Timed Release™ (PTR™) drug delivery platform technology to build and advance a pipeline of next-generation pharmaceutical products, today announced the closing of its previously announced public offering of an aggregate of 6,925,208 shares of its common stock (or common stock equivalents in lieu thereof), Series A warrants to purchase up to 6,925,208 shares of common stock and Series B warrants to purchase up to 3,462,604 shares of common stock, at a public offering price of $0.5776 per share (or common stock equivalent in lieu thereof) and accompanying warrants. The Series A warrants have an exercise price of $0.5776 per share, are exercisable beginning on the effective date of stockholder approval of the issuance of the shares issuable upon exercise of the warrants and will expire five years after the initial exercise date, and the Series B warrants have an exercise price of $0.5776 per share, are exercisable beginning on the effective date of stockholder approval of the issuance of the shares issuable upon exercise of the warrants and will expire two years after the initial exercise date. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. Total gross proceeds to the Company from the offering, before deducting the placement agent’s fees and other offering expenses, were approximately $4.0 million. The Company intends to use the net proceeds from this offering for continued research and development and commercialization activities of its lead candidate CTx-1301, and for working capital, capital expenditures and general corporate purposes, including investing further in research and development efforts. The securities described above were offered pursuant to a registration statement on Form S-1 (File No. 333-273405), which was declared effective by the Securities and Exchange Commission (the “SEC”) on September 11, 2023. The offering was made only by means of a prospectus forming part of the effective registration statement relating to the offering. A preliminary prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Electronic copies of...