Business
Cyngn Inc. Announces the Closing of $15 Million Registered Direct Offering
Cyngn Inc. (NASDAQ: CYN) today announced the closing of a registered direct offering with a single institutional investor for the purchase and sale of approximately $15.0 million of shares of Common Stock and pre-funded warrants at a price of $5.01 per share of Common Stock.
About this update from Cyngn Inc.
[{"type":"text","content":"MOUNTAIN VIEW, Calif., June 27, 2025 /PRNewswire/ -- Cyngn Inc. (NASDAQ: CYN) today announced the closing of a registered direct offering with a single institutional investor for the purchase and sale of approximately $15.0 million of shares of Common Stock and pre-funded warrants at a price of $5.01 per share of Common Stock.","length":328,"tagName":"p"},{"type":"image","alt":"Cyngn Logo (PRNewsfoto/Cyngn)","displaySize":"","headline":null,"caption":"Cyngn Logo (PRNewsfoto/Cyngn)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":293,"url":"https://media.zenfs.com/en/prnewswire.com/69fdc99ee6a186179ad550739b147924"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/N8zj86ADNoKp5PyLH5uphg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTUxNjtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/69fdc99ee6a186179ad550739b147924","width":400,"height":293}},"href":"https://mma.prnewswire.com/media/2156830/Cyngn_Logo_1.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"The offering consisted of the sale of 2,994,012 shares of Common Stock (or Pre-Funded Warrants. The public offering price per share of Common Stock was $5.01 (or $5.00999 for each Pre-Funded Warrant, which is equal to the public offering price per share of Common Stock sold in the offering minus an exercise price of $0.00001 per Pre-Funded Warrant). The Pre-Funded Warrants are immediately exercisable and may be exercised at any time until exercised in full. For each Pre-Funded Unit sold in the offering, the number of shares of Common Stock in the offering was decreased on a one-for-one basis.","length":599,"tagName":"p"},{"type":"text","content":"Aggregate gross proceeds to the Company were approximately $15.0 million. The transaction closed on June 27, 2025. The Company expects to use the net proceeds from the offering for general corporate purposes and working capital.","length":228,"tagName":"p"},{"type":"text","content":"Aegis Capital Corp. acted as exclusive placement agent for the offering. Sichenzia Ross Ference Carmel LLP acted as counsel to the Company. Kaufman & Canoles, P.C. acted as counsel to Aegis Capital Corp.","length":207,"tagName":"p"},{"type":"text","content":"The registered direct offering was made pursuant to an effective shelf registration statement on Form S-3 (No. 333-271567) previously filed with the...