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Cingulate Inc., a pharmaceutical company listed on the Nasdaq Capital Market under the ticker CING, disclosed today an event involving its CEO, Shane Schaffer. On September 23, 2024, Schaffer was charged with one count of aggravated domestic battery. Despite the charge, Schaffer retains the full confidence and support of the company's Board of Directors to continue leading the organization.
The disclosure was made in a Form 8-K filing with the Securities and Exchange Commission (SEC), which is a requirement for publicly traded companies to report significant events that shareholders should know about. Cingulate Inc., which also trades warrants under the ticker CINGW on the Nasdaq Capital Market, is headquartered in Kansas City, KS.
Cingulate Inc. operates in the pharmaceutical preparations industry, under the SIC code 2834, and is incorporated in Delaware. The company has not provided additional details regarding the circumstances of the charge against its CEO or any potential impact on its operations.
In other recent news, Cingulate Inc. has seen significant developments in its operations and financial position. The pharmaceutical company has regained compliance with Nasdaq's minimum bid price requirement, a crucial step for its continued listing on the exchange. In addition, Cingulate has increased its at-the-market offering by $3.87 million, following an agreement with H.C. Wainwright & Co., which will allow the issuance of additional shares worth $3.87 million.
In the realm of product development, Cingulate has secured a European patent for its lead product, CTx-1301, designed for the treatment of Attention Deficit Hyperactivity Disorder (ADHD). This new patent extends the company's market reach to up to 30 European territories, including the United Kingdom.
Cingulate's share count has also seen an increase due to recent capital-raising activities, including an At The Market Offering Agreement and a purchase agreement with Lincoln Park Capital Fund, LLC. These are the recent developments in Cingulate Inc.'s ongoing operations, indicating the company's efforts to bolster its financial standing and expand its market reach.
InvestingPro Insights
In light of the recent disclosure about Cingulate Inc.'s CEO, investors may be interested in additional financial insights about the company. According to InvestingPro data, Cingulate has a market capitalization of $10.51 million USD, reflecting its small-cap status. The company's financial health appears challenging, with InvestingPro Tips indicating that it is "quickly burning through cash" and "not profitable over the last twelve months."
The stock's performance has been notably volatile, with a strong 25.52% return over the last three months, but a significant -96.91% decline over the past year. This aligns with the InvestingPro Tip that the "stock generally trades with high price volatility." Additionally, the company "does not pay a dividend to shareholders," which may be relevant for income-focused investors.
For those considering the stock's valuation in light of recent events, it's worth noting that while analysts have set a fair value target of $72.5 USD, the InvestingPro Fair Value estimate is considerably lower at $4.53 USD, close to the current price of $4.82 USD. Investors seeking a more comprehensive analysis can access 15 additional InvestingPro Tips for Cingulate Inc., providing a deeper understanding of the company's financial position and market performance.
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