Cognition Therapeutics Inc. (CGTX) has announced the pricing for its upcoming underwritten public offering. Approximately 6.57 million shares of its common stock will be on offer, priced at $1.75 per share.
In addition to this, the underwriters have been granted a 30-day option to buy up to an additional 985,714 shares of common stock from the company under the same terms and conditions. The completion of this offering is expected by March 14, 2024.
Titan Partners Group, which is a part of American Capital Partners, is serving as the sole book-running manager for this offering.
The gross revenue Cognition Therapeutics anticipates from this offering is around $11.5 million. This estimation is made prior to accounting for the underwriting discounts, commissions, and anticipated offering expenses that the company will bear.
The net proceeds from this offering will be utilized by Cognition Therapeutics to fund various areas of its operations. This includes research, the clinical development, process development, and manufacturing of the company's product candidates. Additionally, a portion of the funds will be used as working capital, for capital expenditures, and for other general corporate purposes.
