aibioCumberland Pharmaceuticals registers up to $10,000,000 in share sales
Tickers CPIX
The sales agreement with H.C. Wainwright still limits what it can sell now to $5,800,000, because of a cap tied to its public float.
Key facts
- Company
- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX)
- News type
- Financings
- Primary source
- Cumberland Pharmaceuticals Inc. 424B5 (2025-02-14)
Cumberland Pharmaceuticals Inc. (Nasdaq: CPIX) filed a prospectus supplement to register the offer and sale of up to $10,000,000 of its common stock. The shares are sold from time to time through a Sales Agreement dated March 20, 2024 with H.C. Wainwright & Co., LLC, which acts as the agent. The amount excludes shares already sold under the agreement.
The company is subject to the offering limits of General Instruction I.B.6 of Form S-3. While its public float stays below $75.0 million, it cannot sell more than one-third of that float in public primary offerings in any 12 calendar months. Public float is the value of shares held by people who are not company insiders. Cumberland puts it at $46,618,873, based on 8,730,126 shares and a price of $5.34 per share.
In the past 12 calendar months, Cumberland sold 1,000,000 shares under the agreement for aggregate gross proceeds of $5,468,800. As a result of the limits, it may currently sell only up to $5,800,000 under the agreement. The company says it may sell more if its public float rises.
On February 13, 2025, the last reported sale price of the stock on the Nasdaq Global Select Market was $4.64 per share.