Cadrenal Therapeutics stock begins trading on Nasdaq

The initial public offering of 1.4 million shares is priced at $5 each.

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  • | 10:30 a.m. January 20, 2023
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Ponte Vedra Beach-based Cadrenal Therapeutics Inc.’s stock began trading Jan. 20 on the Nasdaq Capital Market after pricing its initial public offering of 1.4 million shares at $5 each.

At 10 a.m., the stock opened at $6.28 before closing at $4.30.

Cadrenal was formed in January 2022 and in April acquired the rights to a drug under development called tecarfarin to treat cardiorenal diseases.

The company originally filed a registration statement in September to sell 2 million shares but downsized that in December filings to 1.4 million.

Cadrenal expects net proceeds of $6.5 million from the IPO after expenses. It had been anticipating $9.3 million if it sold 2 million shares.

Besides the new shares, existing investors are selling 1.7 million of their shares.

CEO Quang Pham, who is not selling any of his shares, retains a majority interest in the company after the IPO. He held 61.3% of the stock before the IPO and now has 53.9% after the new shares were sold.

Cadrenal trades under the ticker symbol “CVKD.”