MENLO PARK, Calif., May 3, 2024 - Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN), a developer of AI-powered autonomous driving software solutions for industrial applications, today announced the underwriter of its previously announced firm commitment public offering has exercised its over-allotment option to purchase an additional 2,040,000 shares of common stock at a price of $0.10 per share. Total gross proceeds to the Company from the offering, including funds received from the prior closing and exercise of this option are approximately $5.2 million, before deducting underwriting discounts, commissions, and other offering expenses payable by the Company.
Aegis Capital Corp. acted as sole bookrunner 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.