Cadrenal Therapeutics, Inc. entered into a warrant inducement letter agreement on March 31, 2026, with a holder of existing warrants. The holder agreed to exercise 571,430 existing warrants for cash at a reduced exercise price of $4.50 per share, down from the initial exercise price of $16.50 per share. This exercise is expected to generate approximately $2.5 million in gross proceeds for the company, before deducting placement agent fees and other expenses. In consideration for the exercise, the company issued new unregistered Series B-1 Common Stock purchase warrants and Series B-2 Common Stock purchase warrants to the holder. Each series of new warrants allows the purchase of 571,430 shares, totaling 1,142,860 new warrant shares, at an exercise price of $4.50 per share. The Series B-1 Warrants are exercisable for five years, and Series B-2 Warrants for eighteen months, both from the effective date of a resale registration statement. H.C. Wainwright & Co., LLC served as the exclusive placement agent, receiving a 7.0% cash fee of the gross proceeds ($175,000) and warrants to purchase 37,143 shares at an exercise price of $5.625 per share. The company expects to use the net proceeds from the warrant exercise for working capital purposes. The company committed to filing a resale registration statement for the new warrant shares within 30 calendar days and using commercially reasonable efforts to have it declared effective within 60 days (or 90 days if reviewed by the SEC). A 15-day lock-up period following the closing date restricts the company from issuing additional common stock or equivalents or filing other registration statements, with limited exceptions.