CINGW - Cingulate Announces Closing of $4.0 Million Public Offering | Benzinga
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 ...