Cadrenal Therapeutics launches up to $8.8M private placement

Cadrenal Therapeutics, Inc. (Nasdaq: CVKD) has entered into a definitive agreement with a single healthcare-focused institutional investor for a private placement expected to raise up to $8.8 million, according to a company statement.

The offering includes 960,000 shares of common stock, or pre-funded warrants in lieu thereof, at a combined purchase price of $3.125 per share. The deal also includes two series of warrants — series C-1 and series C-2 — each to purchase up to 960,000 shares of common stock at an exercise price of $3.00 per share.

Gross proceeds from the initial share sale are expected to total $3 million before placement agent fees and other expenses. If both warrant series are exercised in full on a cash basis, the company could receive approximately $5.8 million in additional proceeds, though the company noted no assurance that warrants will be exercised.

The series C-2 warrants are exercisable immediately upon issuance and expire 24 months after the effective date of a resale registration statement. The series C-1 warrants require stockholder approval before they become exercisable and expire five years after the later of the stockholder approval date or the effective date of a resale registration statement.

The offering is expected to close on or about July 1, 2026, subject to customary closing conditions. The company intends to use net proceeds for working capital. The company said proceeds are anticipated to extend its cash runway into the first quarter of 2027, with full warrant exercise potentially extending that runway into the second half of 2027.

H.C. Wainwright & Co. is acting as the exclusive placement agent. The securities were offered under Section 4(a)(2) of the Securities Act of 1933 and have not been registered with the Securities and Exchange Commission.

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