Cingulate Announces Exercise of Warrants for $1.86 Million Gross Proceeds
KANSAS CITY, Kan., June 28, 2024 (GLOBE NEWSWIRE) — 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.