Direct Offering

Cognition Therapeutics (CGTX) announced a $30 million direct offering of 14.7 million common shares to two new institutional investors. Closing is expected around August 29, 2025. Proceeds will fund Phase 3 program preparation for zervimesine in neurodegenerative disorders, working capital, and general corporate purposes. Titan Partners Group acted as the sole placement agent. This secures funding to advance zervimesine to Phase 3 trials, however, the offering causes share dilution.

Erayak Power Solution Group (NASDAQ: RAYA) closed a registered direct offering, selling 30,612,246 Class A ordinary shares (or equivalents) at $0.098 per share. This generated approximately $3 million in gross proceeds before deducting fees and expenses. The offering also included pre-funded warrants priced at $0.098 with a minimal exercise price.

Patriot National Bancorp (PNBK) completed a registered direct offering, raising $10.65 million through the issuance of common stock. This follows a previous $50 million private placement, bolstering investor confidence in Patriot Bank’s growth. The offering strengthens the bank’s capital base, enabling it to execute its strategic vision. Performance Trust Capital Partners, LLC, Blank Rome LLP, and Robinson & Cole LLP advised on the offering.