FX.co ★ Cingulate Prices Offering Of 3.75 Mln Shares At $2/Share, Stock Tanks

Cingulate Inc., a pharmaceutical company, announced on Friday that it has priced 3.75 million shares at $2 per share to raise a total of $7.5 million. Planned uses for the proceeds include the development and commercialization of its lead candidate CTx-1301 and other business-related endeavors.

In addition, the company stated warrants for Series A to purchase up to 3.75 shares and Series B to purchase up to 1.875 shares will accompany the share offer. These warrants will be immediately exercisable at $2 per share. The Series A warrants have an expiration period of five years and the Series B warrants will expire in two years, both calculated from their issuance date.

The share offering is expected to close approximately on February 6th. H.C. Wainwright & Co. has been designated as the placement agent of the offering.

Following this announcement, Cingulate's stock experienced a significant decrease of 45.92 percent, falling to $1.82 from the preceding close of $3.36, on a volume of 842,188 on the Nasdaq.