Cadrenal Therapeutics Announces Exercise of Warrants Bringing in $4.7 Million Gross Proceeds

Cadrenal Therapeutics, Inc. (NASDAQ: CVKD) recently disclosed the agreement for the immediate exercise of outstanding warrants to acquire up to 285,715 shares of its common stock, signaling gross proceeds of about $4.7 million. The transaction involved the Company’s entrance into a warrant inducement letter agreement with a holder of warrants issued during a private placement offering in July 2023. These warrants were exercised at a modified price of $16.50 per share, reduced from the initial $26.25 per share.

The issuance of new unregistered Series A-1 and Series A-2 warrants followed the completion of the warrant exercise. The Company received the proceeds from this exercise on November 4, 2024, after settlement. H.C. Wainwright & Co., LLC acted as the exclusive placement agent for the transaction.

The net proceeds from this exercise are expected to be utilized by Cadrenal Therapeutics for its pivotal Phase 3 trial and partnering activities. The shares of common stock related to the new warrants are set to be governed by the Resale Registration Statement, expected to be filed promptly.

The new warrants issued are part of a private placement and are exempt from registration under the Securities Act of 1933, under Section 4(a)(2) and Rule 506(b). Additionally, the Company has committed not to engage in certain actions post the Closing Date to maintain the terms of the agreement.

For further details, consult the definitive documents related to the transaction as indicated in Exhibits 10.1, 4.1, and 4.2 of the filing.

The Company’s press release on this matter can be accessed through Exhibit 99.1, which announced the pricing of the offering on November 1, 2024.

Cadrenal Therapeutics has not entered into a Variable Rate Transaction post the Closing Date, and the Company’s financing activities are in alignment with its growth strategies.

Investors are advised that this press release does not constitute an offer to sell or a solicitation to buy any of these securities in jurisdictions where such actions would be unlawful. Interested parties should refer to the Resale Registration Statement for more detailed information.

Please direct any inquiries to Cadrenal Therapeutics’ CFO, Matthew Szot, at 858-337-0766, or via email at [email protected] for further clarification. For investor-related queries, contact Robert Blum, Managing Partner at Lytham Partners, LLC, at 602-889-9700, or using the email [email protected].

This announcement contains forward-looking statements that are subject to risks and uncertainties. Actual results could differ due to various factors, including market conditions and the successful completion of the offering. Interested parties are encouraged to review the relevant risk factors in the Company’s filings with the SEC.

This release hereby declares that Cadrenal Therapeutics disclaims any obligation to update forward-looking statements, except as required by federal securities regulations.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Cadrenal Therapeutics’s 8K filing here.

About Cadrenal Therapeutics

Cadrenal Therapeutics, Inc operates as a clinical development biopharmaceutical company. The company focuses on developing Tecarfarin, a novel oral and reversible anticoagulant to prevent heart attacks, strokes, and deaths due to blood clots in patients with rare cardiovascular conditions requiring chronic anticoagulation, such as patients with left ventricular assist devices, end-stage kidney disease, atrial fibrillation, and thrombotic anti-phospholipid syndrome.