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Cyngn Announces Closing of $20 Million Private Placement Priced At-the-Market
MENLO PARK, Calif.--(BUSINESS WIRE)-- Cyngn (or the "Company") (NASDAQ: CYN), a developer of innovative autonomous driving software solutions for industrial
About this update from Cyngn Inc.
[{"type":"text","content":" MENLO PARK, Calif.--(BUSINESS WIRE)--\nCyngn (or the \"Company\") (NASDAQ: CYN), a developer of innovative autonomous driving software solutions for industrial and commercial applications, today closed its previously announced private placement pursuant to a securities purchase agreement entered into on April 28, 2022 with certain institutional and accredited investors for aggregate gross proceeds of approximately $20 million, before deducting fees to the placement agent and other offering expenses payable by the Company.\n\nIn connection with the offering, the Company issued 6,451,613 units and pre-funded units at a purchase price of $3.10 per unit, priced at-the-market under Nasdaq rules. The pre-funded units were sold at the same price, less the pre-funded warrant exercise price of $0.001. Each unit and pre-funded unit consist of one share of common stock or common stock equivalent, and one non-tradable warrant exercisable for one share of common stock for $2.98 (for a total of 6,451,613 shares underlying the warrants). The warrant has a term equal to five years from the issuance date. No actual units were issued in the offering.\n\nAegis Capital Corp. acted as the Exclusive Placement Agent in connection with the offering.\n\nAdditional details regarding the offering will be available in a Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission (the \"SEC\").\n\nThe shares of common stock and warrants described above have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (SEC) or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the SEC covering the resale of the shares of common stock and the shares issuable upon exercise of the warrants.\n\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, 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 securit...