Cyngn Announces Pricing of $5.0 Million Firm Commitment Public Offering of Common Stock
MENLO PARK, Calif., April 23, 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 pricing of its public offering made on a firm commitment basis with gross proceeds to the Company expected to be approximately $5.0 million, before deducting fees and other expenses payable by the Company. The offering consists of 50,000,000 shares of common stock and pre-funded warrants. Each share of common stock (or pre-funded warrant in lieu thereof) is being sold at a purchase price of $0.10 per share (or $0.99999 per pre-funded warrant after reducing $0.00001 attributable to the exercise price of the pre-funded warrants).