Corporate GovernanceJul 14, 2026, 08:02 AM
Cingulate Stockholders Approve Equity Plan Share Increase, Board Changes
AI Summary
Cingulate Inc. stockholders approved an amendment to the 2021 Omnibus Equity Incentive Plan, increasing the number of shares authorized for issuance by 625,000 to a total of 2,221,126 shares. Concurrently, the Board of Directors reduced its size to five members, appointing CEO Shane Schaffer as Chairman and Jeff Hargroves as lead independent director. Stockholders also elected Jeff Hargroves as a Class II director and ratified KPMG LLP as the independent auditor for 2026.
Key Highlights
- Stockholders approved Amendment No. 3 to the 2021 Omnibus Equity Incentive Plan.
- Authorized shares for issuance under the Equity Plan increased by 625,000 shares.
- Total authorized shares under the Equity Plan are now 2,221,126 shares.
- The Board of Directors reduced its size to five (5) directors.
- Shane Schaffer, CEO, was appointed Chairman of the Board.
- Jeff Hargroves was appointed lead independent director of the Board.
- Jeff Hargroves was elected as a Class II director.
- KPMG LLP was ratified as the independent registered public accounting firm for 2026.
- Zhanpeng "Frederick" Jiang appointed chairman of the Audit Committee.
Price Impact
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