MENLO PARK, Calif., December 12, 2023 – 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 common stock public offering made on a reasonable best-efforts basis with gross proceeds of approximately $5.0 million, before deducting placement agent fees and other expenses payable by the Company. The offering consisted of 33,333,333 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 $0.15 per share (or $0.14999 per pre-funded warrant after reducing $0.00001 attributable to the exercise price of the pre-funded warrants).
The Company expects to use the net proceeds from the offering for general corporate purposes, including working capital.
Aegis Capital Corp. acted as exclusive placement agent for the offering.
A registration statement on Form S-1 (File No. 333-275530) 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 December 7, 2023. The offering was made only by means of a prospectus. A final prospectus describing the terms of the proposed transaction may be obtained 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.