Cyngn Announces Exercise and Closing of Underwriter’s Over-Allotment Option

May 3, 2024

https://www.prnewswire.com/news-releases/cyngn-announces-exercise-and-closing-of-underwriters-over-allotment-option-302135435.html

MENLO PARK, Calif., May 3, 2024 /PRNewswire/ — Cyngn Inc. (the “Company” or “Cyngn”) (Nasdaq: CYN), a developer of AI-powered autonomous driving software solutions for industrial applications, today announced the underwriter of its previously announced firm commitment public offering has exercised its over-allotment option to purchase an additional 2,040,000 shares of common stock at a price of $0.10 per share. Total gross proceeds to the Company from the offering, including funds received from the prior closing and exercise of this option are approximately $5.2 million, before deducting underwriting discounts, commissions, and other offering expenses payable by the Company.

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