Cingulate Announces Closing of $7.5 Million Public Offering
KANSAS CITY, Kan., Feb. 06, 2024 (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 public offering of an aggregate of 3,750,000 shares of its common stock (or common stock equivalents in lieu thereof), Series A warrants to purchase up to 3,750,000 shares of common stock and Series B warrants to purchase up to 1,875,000 shares of common stock, at a public offering price of $2.00 per share (or common stock equivalent in lieu thereof) and accompanying warrants. The Series A warrants have an exercise price of $2.00 per share, are exercisable immediately and will expire five years after the date of issuance, and the Series B warrants have an exercise price of $2.00 per share, are exercisable immediately and will expire two years after the date of issuance.
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 $7.5 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. 333-276502), which was declared effective by the Securities and Exchange Commission (the “SEC”) on February 2, 2024. The offering was made only by means of a prospectus forming part of the effective registration statement relating to the offering. A final 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 the final prospectus may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
