Cingulate prices 3.75M shares at $2.00 in public offering

Cingulate announced the pricing of its public offering of an aggregate of 3,750,000 shares of its common stock, 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 and accompanying warrants. The Series A warrants will have an exercise price of $2.00 per share, will be exercisable immedietely and will expire five years after the date of issuance, and the Series B warrants will have an exercise price of $2.00 per share, will be exercisable immedietely and will expire two years after the date of issuance. The closing of the offering is expected to occur on or about February 6, 2024, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting 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, are expected to be $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.