MENLO PARK, Calif., April 25, 2024 - Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN), a developer of AI-powered autonomous driving software solutions for industrial applications, today announced the closing of its public offering made on a firm commitment basis with gross proceeds to the Company of $5.0 million, before deducting fees and other expenses payable by the Company. The offering consisted of 50,000,000 shares of common stock and pre-funded warrants. Each share of common stock (or pre-funded warrant in lieu thereof) was sold at a purchase price of $0.10 per share (or $0.09999 per pre-funded warrant after reducing $0.00001 attributable to the exercise price of the pre-funded warrants).
In addition, Cyngn granted Aegis Capital Corp. (“Aegis”) a 45-day option to purchase up to 15% of the number of shares and pre-funded warrants sold in the offering solely to cover over-allotments, if any.
The offering closed on April 25, 2024, subject to the satisfaction of customary closing conditions.
The Company expects to use the net proceeds from the offering for general corporate purposes, including working capital.
Aegis Capital Corp. acted as sole bookrunner for the offering. Sichenzia Ross Ference Carmel LLP acted as counsel to the Company for the offering. Kaufman & Canoles, P.C. acted as counsel to Aegis for the offering.
A registration statement on Form S-1 (File No. 333-278671) relating to the offering of the securities was filed with the U.S. Securities and Exchange Commission (SEC) and declared effective by the SEC on April 23, 2024. The offering is being made only by means of a prospectus. A final prospectus describing the terms of the proposed transaction may be obtained, when available, on the SEC's website, www.sec.gov or by contacting Aegis Capital Corp., 1345 Avenue of the Americas, 27th Floor, New York, NY 10105, by telephone at (212) 813-1010 or by email at syndicate@aegiscap.com. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.