Summary by Futu AI
On June 28, 2024, Cingulate Inc., a Delaware-incorporated biopharmaceutical company, announced the entry into a material definitive agreement with certain holders of its existing warrants. The agreement involves the exercise of warrants for approximately 3.19 million shares of common stock at a reduced price of $0.585 per share, with the closing expected on or about July 1, 2024. The company anticipates gross proceeds of roughly $1.86 million, before fees and expenses. The funds are intended for the development and commercialization of CTx-1301, among other corporate purposes. Additionally, Cingulate has engaged H.C. Wainwright & Co. as the exclusive placement agent for the transaction. The company also plans to issue new Series C and D warrants as part of the agreement. The shares underlying the existing warrants are registered with the SEC, and Cingulate has committed to filing a registration statement for the resale of the shares issuable upon exercise of the new warrants. The announcement was made in conjunction with a press release and a Form 8-K filing with the SEC.