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.
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