Business
Cognition Therapeutics Announces Closing of Full Exercise of Underwriters’ Option to Purchase Additional Shares in connection with Initial Public Offering
PURCHASE, N.Y., Nov. 15, 2021 (GLOBE NEWSWIRE) -- Cognition Therapeutics, Inc. [Nasdaq: CGTX], a clinical-stage biopharmaceutical company engaged in the
About this update from Cognition Therapeutics, Inc.
[{"type":"text","content":"PURCHASE, N.Y., Nov. 15, 2021 (GLOBE NEWSWIRE) -- Cognition Therapeutics, Inc. [Nasdaq: CGTX], a clinical-stage biopharmaceutical company engaged in the discovery and development of innovative, small molecule therapeutics targeting age-related degenerative diseases and disorders of the central nervous system and retina (the “Company” or “Cognition”), today announced the closing of an additional 565,217 shares of its common stock following the exercise in full of the underwriters’ over-allotment option in connection with Cognition’s initial public offering. The over-allotment option was exercised in full two weeks prior to the end of the 45-day option period and the shares were sold at the initial public offering price of $12.00 per share, resulting in additional gross proceeds of approximately $6.8 million, before deducting underwriting discounts and commissions and other offering related expenses. Including the over-allotment, the total number of shares sold by Cognition in the offering was 4,333,333 shares, generating aggregate gross proceeds of approximately $52 million. Cognition’s shares are listed on the Nasdaq Global Market under the ticker symbol “CGTX” and commenced trading on October 8, 2021. B. Riley Securities, Inc. acted as the lead bookrunning manager for the offering and Oppenheimer & Co. acted as joint bookrunning manager. Troutman Pepper Hamilton Sanders LLP is representing the Company and McGuireWoods LLP is representing the underwriters. A registration statement on Form S-1 relating to these securities was declared effective by the U.S. Securities and Exchange Commission on October 7, 2021. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering was made only by means of a prospectus. Copies of the final prospectus may be obtained from B. Riley Securities, Inc., Attention: Prospectus Department, 1300 North 17th Street, Suite 1300, Arlington, Virginia 22209, or by telephone at (703) 312-9580, or by email at [email protected]; or from Oppenheimer & Co., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th ...