Cingulate Inc (CING) Prices 3.75M Share Offering at $2/sh

Cingulate Inc. (NASDAQ: CING) today announced the pricing of its public offering of an aggregate of 3,750,000 shares of its common stock (or common stock equivalents in lieu thereof), Series A warrants to purchase up to 3,750,000 shares of common stock and Series B warrants to purchase up to 1,875,000 shares of common stock, at a public offering price of $2.00 per share (or common stock equivalent in lieu thereof) and accompanying warrants. The Series A warrants will have an exercise price of $2.00 per share, will be exercisable immedietely and will expire five years after the date of issuance, and the Series B warrants will have an exercise price of $2.00 per share, will be exercisable immedietely and will expire two years after the date of issuance. The closing of the offering is expected to occur on or about February 6, 2024, subject to the satisfaction of customary closing conditions.

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

Total gross proceeds to the Company from the offering, before deducting the placement agent’s fees and other offering expenses, are expected to be $7.5 million. The Company intends to use the net proceeds from this offering for continued research and development and commercialization activities of its lead candidate CTx-1301, and for working capital, capital expenditures and general corporate purposes, including investing further in research and development efforts.

The securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-276502), which was declared effective by the Securities and Exchange Commission (the “SEC”) on February 2, 2024. The offering is being made only by means of a prospectus forming part of the effective registration statement relating to the offering. A preliminary prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Electronic copies of the final prospectus, when available, may be obtained on the SEC’s website at http://www.sec.gov and may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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