The offering, which is currently in the preliminary stages, includes a 30-day option for underwriters to purchase an additional 562,500 shares. Cardinal has tapped Stifel, William Blair, and Truist Securities to serve as book-running managers for the transaction.

While the company has filed a registration statement on Form S-1 with the SEC, the document has not yet become effective. Until regulatory approval is finalized, the company is prohibited from selling or accepting offers for the shares. The final offering will be conducted exclusively through a prospectus, with sale eligibility remaining subject to individual state and jurisdictional securities laws.