MENLO PARK, Calif., April 23, 2024 - Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN), a developer of AI-powered autonomous driving software solutions for industrial applications, today announced the pricing of its public offering made on a firm commitment basis with gross proceeds to the Company expected to be approximately $5.0 million, before deducting fees and other expenses payable by the Company. The offering consists of 50,000,000 shares of common stock and pre-funded warrants. Each share of common stock (or pre-funded warrant in lieu thereof) is being sold at a purchase price of $0.10 per share (or $0.99999 per pre-funded warrant after reducing $0.00001 attributable to the exercise price of the pre-funded warrants).
In addition, Cyngn has granted Aegis Capital Corp. ("Aegis") a 45-day option to purchase up to 15% of the number of shares or pre-funded warrants sold in the offering solely to cover over-allotments, if any.
The offering is expected to close 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. is acting as sole bookrunner for the offering. Sichenzia Ross Ference Carmel LLP is acting as counsel to the Company for the offering. Kaufman & Canoles, P.C. is acting 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.