Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our common stock began trading on the Nasdaq Global Market under the symbol “CGTX” on October 8, 2021. Prior to that time, there was no public market for our common stock.
Holders
As of March 22, 2024, there were approximately 39,000,152 shares of our common stock outstanding held by approximately 277 holders of record. The actual number of holders of our common stock is greater than this number of record holders, and includes stockholders who are beneficial owners, but whose shares are held in street name by brokers or held by other nominees. This number of holders of record also does not include stockholders whose shares may be held in trust by other entities.
Dividend Policy
We have never declared or paid any cash dividends on our common stock, and we do not currently intend to pay any cash dividends on our common stock in the foreseeable future. We currently intend to retain all available funds and any future earnings to support operations and to finance the growth and development of our business. Any future determination to pay dividends will be made at the discretion of our board of directors subject to applicable laws and will depend upon, among other factors, our results of operations, financial condition, contractual restrictions and capital requirements. Our future ability to pay cash dividends on our common stock may be limited by any future debt instruments or preferred securities.
Securities Authorized for Issuance Under Equity Compensation Plans
Information about our equity compensation plans is incorporated herein by reference to Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters , of this Annual Report on Form 10-K.
Recent Sales of Unregistered Securities
There were no unregistered sales of our equity securities during the fiscal year ended December 31, 2023.
Purchases of Equity Securities by the Issuer or Affiliated Purchaser
We did not purchase any of our registered equity securities during the fiscal year ended December 31, 2023.
Use of Proceeds
On October 13, 2021, we completed our IPO. Our registration statements on Form S-1 (File Nos. 333-257999 and 333-260128), each relating to the IPO were declared effective by the SEC on October 7, 2021. We issued 3,768,116 shares of our common stock at a price of $12.00 per share for aggregate net cash proceeds of $37.9 million, after deducting underwriting discounts and commissions and other offering related costs.
On November 10, 2021, the Representative provided notice to us that it had elected to exercise its over-allotment option in full to purchase 565,217 shares of our common stock. The Representative’s exercise of the over-allotment option closed on November 12, 2021, resulting in net proceeds of $6.3 million to us, after deducting underwriting discounts and commissions and other offering related expenses.
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There has been no material change in the planned use of proceeds from our IPO as described in our final prospectus dated October 7, 2021, filed with the SEC pursuant to Rule 424(b) under the Securities Act.
Item 6. [Reserved].
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