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Cingulate Shares Slide 19% on Stock Offering

News Room by News Room
March 12, 2023
in Markets
Reading Time: 1 min read
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By Denny Jacob

Cingulate Inc. shares slid 19% to $1.50 in aftermarket trading Friday following its stock offering.

The clinical stage bio pharmaceutical company said it’s offering about 8.6 million shares at an assumed combined public offering price of $1.45 a share and accompanying warrant, according to a regulatory disclosure.

Cingulate estimates that net proceeds from the offering will be around $11.3 million, which it intends to use for continued research and development and commercialization of CTx-1301, among other efforts.

Shares, which closed up 25% to $1.85, are up about 55% over the last 12 months.


Write to Denny Jacob at denny.jacob@wsj.com


Read the full article here

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