Cingulate Announces Exercise Of Warrants For $1.86M Of Gross Proceeds

Cingulate Inc. (the "Company") (NASDAQ:CING), 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 entry into definitive agreements for the immediate exercise of certain outstanding Series A warrants to purchase up to an aggregate of 2,125,000 shares of common stock of the Company and Series B warrants to purchase up to an aggregate of 1,062,500 shares of common stock of the Company originally issued in February 2023, having an exercise price of $2.00 per share, at a reduced exercise price of $0.585 per share. The shares of common stock issuable upon exercise of the warrants are registered pursuant to an effective registration statement on Form S-1 (No. 333-276502). The offering is expected to close on or about July 1, 2024, subject to satisfaction of customary closing conditions.

 

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

In consideration for the immediate exercise of the warrants for cash, the Company will issue new unregistered Series C warrants to purchase up to 4,250,000 shares of common stock and new unregistered Series D warrants to purchase up to 2,125,000 shares of common stock. The new warrants will have an exercise price of $0.585 per share and will be exercisable beginning on the effective date of stockholder approval of the issuance of the shares issuable upon exercise of the new warrants. The Series C warrants will expire five years from the effective date of stockholder approval, and the Series D warrants will expire two years from the effective date of stockholder approval.