Business
Cyngn Inc. Announces Closing of $9.65 Million Registered Direct Offering, Priced at the Market Under Nasdaq Rules
Cyngn Inc. (NASDAQ: CYN) today announced the closing of its previously announced registered direct offering for the purchase and sale of approximately $9.65 million of shares of Common Stock and pre-funded warrants at a price of $1.93 per share of Common Stock. A single institutional investor acquired greater than ninety percent of the offering, with a high-net-worth individual purchasing the remaining percent. The entire transaction was priced at the market under Nasdaq rules.
About this update from Cyngn Inc.
[{"type":"text","content":"MOUNTAIN VIEW, Calif., March 17, 2026 /PRNewswire/ -- Cyngn Inc. (NASDAQ: CYN) today announced the closing of its previously announced registered direct offering for the purchase and sale of approximately $9.65 million of shares of Common Stock and pre-funded warrants at a price of $1.93 per share of Common Stock. A single institutional investor acquired greater than ninety percent of the offering, with a high-net-worth individual purchasing the remaining percent. The entire transaction was priced at the market under Nasdaq rules.","length":536,"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 5,000,000 shares of Common Stock (or Pre-Funded Warrants). The public offering price per share of Common Stock was $1.93 (or $1.92999 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 Warrant sold in the offering, the number of shares of Common Stock in the offering were decreased on a one-for-one basis.","length":604,"tagName":"p"},{"type":"text","content":"Aggregate gross proceeds to the Company were approximately $9.65 million. The transaction closed on March 17, 2026. The Company intends to use the net proceeds from the offering for general corporate purposes and working capital. Following completion of the offering, the Company has 16,896,493 shares of Common Stock issued and outstanding, assuming the exercise of all Pre-funded Warrants issued in the offering.","length":414,"tagName":"p"},{"type":"text","content":"Aegis Capita...