Cingulate Inc. Delisted from Nasdaq, Moves to OTCQB
Ticker: CINGW · Form: 8-K · Filed: Feb 26, 2024 · CIK: 1862150
| Field | Detail |
|---|---|
| Company | Cingulate Inc. (CINGW) |
| Form Type | 8-K |
| Filed Date | Feb 26, 2024 |
| Risk Level | high |
| Pages | 6 |
| Reading Time | 7 min |
| Key Dollar Amounts | $0.0001, $2.5 million, $1.00 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, regulatory-compliance, stock-performance
TL;DR
**Cingulate Inc. got booted from Nasdaq for low stock price and is now trading on the OTCQB.**
AI Summary
Cingulate Inc. received a delisting notice from Nasdaq on February 22, 2024, due to its common stock and warrants failing to meet the minimum bid price requirement of $1.00 per share. The company's securities will be suspended from trading on Nasdaq at the opening of business on February 26, 2024, and will begin trading on the OTCQB Venture Market under the symbol "CING" on the same day. This move follows a previous notice of non-compliance received on August 24, 2023.
Why It Matters
Delisting from Nasdaq can significantly reduce a company's visibility and liquidity, making it harder to attract investors and raise capital, which is critical for a pharmaceutical company like Cingulate Inc. developing new drugs.
Risk Assessment
Risk Level: high — Delisting from a major exchange like Nasdaq to the OTCQB Venture Market significantly increases investment risk due to reduced liquidity, transparency, and investor confidence.
Key Numbers
- $1.00 — Minimum Bid Price (Nasdaq's requirement for continued listing)
Key Players & Entities
- Cingulate Inc. (company) — registrant
- Nasdaq (company) — exchange delisting from
- OTCQB Venture Market (company) — new trading venue
- $1.00 (dollar_amount) — minimum bid price requirement
- February 22, 2024 (date) — date of delisting notice
- February 26, 2024 (date) — date of suspension and OTCQB trading start
- August 24, 2023 (date) — date of initial non-compliance notice
FAQ
Why was Cingulate Inc. delisted from Nasdaq?
Cingulate Inc. was delisted because its common stock and warrants failed to maintain the minimum bid price of $1.00 per share, as required by Nasdaq Listing Rule 5550(a)(2).
When did Cingulate Inc. receive the delisting notice?
Cingulate Inc. received the delisting notice from Nasdaq on February 22, 2024.
Where will Cingulate Inc.'s securities trade after delisting from Nasdaq?
Cingulate Inc.'s common stock and warrants will begin trading on the OTCQB Venture Market under the symbol "CING" at the opening of business on February 26, 2024.
What was the earliest event reported in this 8-K filing?
The earliest event reported was the receipt of the delisting notice on February 22, 2024.
What is Cingulate Inc.'s business address?
Cingulate Inc.'s business address is 1901 W. 47th Place, Kansas City, KS 66205.
Filing Stats: 1,697 words · 7 min read · ~6 pages · Grade level 15.2 · Accepted 2024-02-26 07:00:22
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share CING The Nasdaq Stock Mar
- $2.5 million — mum stockholders' equity requirement of $2.5 million under the Nasdaq Listing Rule 5550(b)(1
- $1.00 — ment to maintain a minimum bid price of $1.00 per share for continued listing on Nasd
Filing Documents
- form8-k.htm (8-K) — 55KB
- 0001493152-24-007768.txt ( ) — 270KB
- cing-20240222.xsd (EX-101.SCH) — 4KB
- cing-20240222_def.xml (EX-101.DEF) — 26KB
- cing-20240222_lab.xml (EX-101.LAB) — 36KB
- cing-20240222_pre.xml (EX-101.PRE) — 25KB
- form8-k_htm.xml (XML) — 6KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CINGULATE INC. Dated: February 26, 2024 By: /s/ Shane J. Schaffer Name: Shane J. Schaffer Title: Chief Executive Officer