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Cingulate Inc. (NASDAQ:CING), a pharmaceutical company with a market capitalization of $20.51 million, reported a series of unregistered sales of equity securities in a filing with the Securities and Exchange Commission. According to the press release statement, the company issued a total of 325,729 shares of its common stock between July 30 and Friday in exchange for portions of debt owed to a lender. InvestingPro data shows the company is quickly burning through cash, making these debt-for-equity exchanges particularly significant.
On July 30, Cingulate issued 58,139 shares at $5.16 per share. On August 12, 74,074 shares were issued at $4.05 per share. On August 21, the company issued 64,102 shares at $3.90 per share. On August 29, 63,451 shares were issued at $3.94 per share. On Friday, Cingulate issued 65,963 shares at $3.79 per share. The declining share prices reflect broader market sentiment, with the stock down nearly 21% year-to-date. According to InvestingPro’s Fair Value analysis, the stock appears overvalued at current levels.
Each of these transactions was conducted under the exemption provided by Section 3(a)(9) of the Securities Act of 1933, which allows for the exchange of securities with existing security holders without registration, provided certain conditions are met.
Cingulate’s common stock and warrants are listed on The Nasdaq Stock Market LLC under the symbols CING and CINGW, respectively. The company is incorporated in Delaware and operates in the pharmaceutical preparations sector.
This information is based on a statement made in the company’s recent SEC filing.
In other recent news, Cingulate Inc. has undergone significant leadership changes. The board of directors placed CEO Shane Schaffer on administrative leave following a criminal charge and appointed Jennifer Callahan, the current Chief Financial Officer, as interim CEO. John A. Roberts was named Executive Chairman and will support the executive management team. Additionally, Cingulate submitted a New Drug Application to the U.S. Food and Drug Administration for CTx-1301, its lead candidate for treating Attention Deficit/Hyperactivity Disorder. The company anticipates learning whether the application will be accepted for review within 60 days of submission. Furthermore, Ascendiant Capital raised its stock price target for Cingulate to $62, maintaining a Buy rating, indicating potential upside. These developments reflect ongoing strategic and operational adjustments within the company.
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