Summary by Moomoo AI
Cingulate Inc. has announced a Special Meeting of Stockholders to be held virtually on July 30, 2024. The primary agenda for the meeting is to seek stockholder approval for a reverse stock split of the company's issued common stock, with a proposed ratio range from one-for-two (1:2) to one-for-fifteen (1:15). This action is intended to avoid delisting from Nasdaq due to non-compliance with the $1.00 Minimum Bid Price requirement. The Board of Directors has set June 14, 2024, as the record date for stockholders entitled to vote. The reverse stock split, if approved, would be effective prior to the one-year anniversary of the Special Meeting. Additionally, stockholders will vote on the adjournment of the Special Meeting, if necessary, to permit further solicitation of proxies if there are insufficient votes for the reverse stock split proposal. The company emphasizes the importance of stockholder votes and provides options for electronic and mail-in voting.