Cingulate closes $7.5M public offering of common stock and warrants

Cingulate Inc.

Gross proceeds $7.5M; net ~$6.5M after fees. Offering: 3.75M shares (or pre-funded warrants) plus Series A and B warrants.
Each unit priced at $2.00 includes one share (or pre-funded warrant at $1.9999), one Series A warrant ($2.00, 5yr), one Series B warrant ($2.00, 2yr).
Proceeds to fund R&D and commercialization of lead candidate CTx-1301 and for general corporate purposes.
H.C. Wainwright acted as placement agent; cash fee 7.8% of gross proceeds, expense allowance, and warrants for 150,000 shares at $2.50.
Company agreed to 90-day lock on new equity issuances and one-year ban on variable rate transactions.

item 1.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Cingulate Inc. entered into Purchase Agreement with investors (effective 2024-02-02).

Action: entry
Agreement: equity purchase
Counterparty: investors
Effective: 2024-02-02

Exact text from the filing

On February 2, 2024, Cingulate Inc. (the "Company") entered into agreements, including a securities purchase agreement (the "Purchase Agreement"), with investors pursuant to which the Company agreed to sell, in a best efforts public offering (the "Offering") an aggregate of (i) 1,375,000 shares (the "Shares") of common stock, par value $0.0001 per share (the "Common Stock"), of the Company, (ii) pre-funded warrants (the "Pre-Funded Warrants") to purchase up to an aggregate of 2,375,000 shares of Common Stock (the "Pre-Funded Warrant Shares"), (iii) series A common warrants (the "Series A Warrants") to purchase up to an aggregate of 3,750,000 shares of Common Stock (the "Series A Common Warrant Shares"), and (iv) series B common warrants (the "Series B Warrants") to purchase up to an aggregate of 1,875,000 shares of Common Stock (the "Series B Common Warrant Shares").

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Cingulate Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-005157

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