Cadrenal Therapeutics (NASDAQ:CVKD) Announces Sale of Common Stock Generating $5.1 Million in Gross Proceeds

Cadrenal Therapeutics, Inc., a Delaware corporation, recently disclosed the completion of a noteworthy transaction involving the sale of 391,243 shares of common stock. The sale, done at a weighted average price of $13.15 per share, resulted in gross proceeds amounting to approximately $5.1 million. This financial activity was made possible through Cadrenal Therapeutics’ at-the-market (“ATM”) facility.

Following the successful sales occasioned by the ATM facility, Cadrenal Therapeutics now has a total of 1,496,771 shares of common stock outstanding as of October 23, 2024. The company’s comprehensive press release regarding this transaction is encapsulated in Exhibit 99.1 within the Current Report on Form 8-K filed with the Securities and Exchange Commission.

Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, certain disclosures made within the press release are highlighted as forward-looking statements as opposed to historical data. It is worth noting that the information shared in the press release and in Item 7.01 of the Current Report on Form 8-K is not to be treated as filed information under the Securities Exchange Act of 1934, nor are they subjected to the liabilities associated with that section or Sections 11 and 12(a)(2) of the Securities Act of 1933.

In a parallel development, Cadrenal Therapeutics also reported on October 24, 2024, the issuance of a corresponding press release detailing the sale of 391,243 shares of common stock, generating gross proceeds akin to those previously mentioned through the ATM facility.

Accompanying the Current Report on Form 8-K are significant exhibits, including the press release issued on October 24, 2024 (Exhibit 99.1), and the Cover Page Interactive Data File containing XBRL tags that are embedded within the inline XBRL document (Exhibit 104).

Cadrenal Therapeutics emphasized in its disclosure that the specific details furnished should not be considered “filed” for the purposes of various regulatory statutes and should not be incorporated by reference in any subsequent filings with the U.S. Securities and Exchange Commission, notwithstanding any general incorporation statements present in such filings.

This disclosure comes concurrently with Cadrenal Therapeutics’ election as an emerging growth company under Rule 405 of the Securities Act of 1933 and Rule 12b-2 of the Securities Exchange Act of 1934. Additionally, the company has opted not to utilize the extended transition period for adhering to new or modified financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

As disclosed in Item 9.01 of the Current Report on Form 8-K, the pertinent exhibitions accompanying the document include the aforementioned press release and the Cover Page Interactive Data File.

In conclusion, these recent developments mark significant financial activities for Cadrenal Therapeutics, further defining its standing in the market and illuminating its recent initiatives and successes.

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.