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Cingulate Inc. Announces Pricing of $25.0 Million Initial Public Offering

KANSAS CITY, Kan., Dec. 07, 2021 (GLOBE NEWSWIRE) -- Cingulate Inc. (“Cingulate” or the “Company”), a clinical-stage biopharmaceutical company utilizing its proprietary Precision Timed Release (PTR) drug delivery platform technology to build and advance a pipeline of next-generation products, today announced the pricing of its initial public offering of 4,166,666 shares of common stock and accompanying warrants to purchase 4,166,666 shares of common stock.

Each share of common stock is being sold together with one warrant to purchase one share of common stock with an exercise price of $6.00 at a combined public offering price of $6.00 per share and accompanying warrant. All of the shares and warrants are being offered by Cingulate. The Company has granted the underwriters a 45-day over-allotment option to purchase up to an additional 624,999 shares of common stock and/or warrants to purchase up to an additional 624,999 shares of common stock at the initial public offering price.

The shares and warrants are scheduled to begin trading on the Nasdaq Capital Market under the ticker symbols “CING” and “CINGW,” respectively, on December 8, 2021. The offering is expected to close on December 10, 2021, subject to the satisfaction of customary closing conditions.

Gross proceeds, before underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $25.0 million. Cingulate intends to use the net proceeds of the offering for continued research and development and pre-commercialization planning of CTx-1301, continued research and development of CTx-1302, proof of concept study for CTx-2103, to satisfy obligations under certain related party notes, to satisfy outstanding accrued payroll expenses to employees, including our executive officers, and for working capital, capital expenditures and general corporate purposes, including investing further in research and development efforts.

Aegis Capital Corp. and Laidlaw & Company (UK) Ltd. are acting as co-lead bookrunning underwriters of the offering.

A registration statement on Form S-1 relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (“SEC”) on December 7, 2021. The offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained, when available, on the SEC’s website, www.sec.gov, or by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th Floor, New York, NY 10019, by email at syndicate@aegiscap.com, or by telephone at (212) 813-1010.

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Nachrichtenquelle: globenewswire
08.12.2021, 03:05  |  101   |   |   

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Cingulate Inc. Announces Pricing of $25.0 Million Initial Public Offering KANSAS CITY, Kan., Dec. 07, 2021 (GLOBE NEWSWIRE) - Cingulate Inc. (“Cingulate” or the “Company”), a clinical-stage biopharmaceutical company utilizing its proprietary Precision Timed Release (PTR) drug delivery platform technology to build and …

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