Cadrenal Therapeutics, Inc. announced that it has entered into a securities purchase agreement for the private placement of 4,285,715 common shares at an issue price of $1.750 per share for gross proceeds of $7,500,001.250 along with unregistered warrants on July 12, 2023. The transaction will include participation from institutional investors. The unregistered warrants will be exercisable immediately upon issuance at an exercise price of $1.75 per share to purchase up to an aggregate of 4,285,715 shares of common stock and will expire five and one-half years from the date of issuance.

The offering is expected to close on or about July 14, 2023, subject to the satisfaction of customary closing conditions. The unregistered shares of common stock, pre-funded warrants and warrants sold in the offering are offered under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act") and Regulation D promulgated thereunder and, along with the shares of common stock underlying the pre-funded warrants and warrants, have not been registered under the Act or applicable state securities laws