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Cingulate Inc. (NASDAQ:CING), a pharmaceutical preparations company, disclosed in a recent SEC filing that as of August 28, 2024, the total number of shares of common stock outstanding has reached 2,179,755. This increase is attributed to the company's recent capital-raising activities through an At The Market Offering Agreement and a purchase agreement with Lincoln Park Capital Fund, LLC.
The At The Market Offering Agreement, dated January 3, 2023, along with the purchase agreement with Lincoln Park Capital Fund, LLC, dated April 24, 2023, have contributed to the rise in the number of shares. The company, based in Kansas City, KS, has not committed to providing further updates on this information following this filing.
Investors may consider this development as a reflection of the company's activities in securing additional capital, which could potentially be used for various corporate purposes, including but not limited to, research and development, marketing, or expansion of operations. However, the specific use of the proceeds from these capital-raising activities has not been detailed in the filing.
The information regarding the increase in share count is based on a press release statement and is a matter of public record through the SEC filing.
InvestingPro Insights
As investors evaluate Cingulate Inc.'s (NASDAQ:CING) recent capital-raising activities and the resulting increase in outstanding shares, real-time data and insights from InvestingPro can offer a deeper understanding of the company's financial health and market performance. The market capitalization of Cingulate Inc. is currently at a modest $7.6 million, reflecting the size and valuation of the company in the market. A notable metric is the company's negative P/E ratio, which stands at -0.55, indicating that the company is not currently profitable. Moreover, the stock has experienced significant volatility, with a one-month price total return of an impressive 87.79%, contrasting with a steep one-year price total return of -95.02%.
InvestingPro Tips suggest that Cingulate Inc. is quickly burning through cash and has weak gross profit margins, which could be a concern for investors looking for stable financial performance. Additionally, the stock price often moves in the opposite direction of the market, suggesting that it doesn't necessarily follow broader market trends. For those interested in a more comprehensive analysis, InvestingPro offers additional tips on Cingulate Inc., providing valuable insights for a more informed investment decision.
With these considerations in mind, investors can access a total of 14 InvestingPro Tips on Cingulate Inc. by visiting https://www.investing.com/pro/CING, which may further guide their investment strategy regarding this pharmaceutical preparations company.
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