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PARK, Calif., Dec. 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 closing of a follow on offering, priced at the
market, with gross proceeds to the Company of approximately
$20.0 million, before deducting
placement agent fees and other estimated offering expenses payable
by the Company.
The offering consists of 12,422,360 Common Units (or
Pre-Funded Units), each consisting of one (1) share of Common Stock
or one (1) Pre-Funded Warrant to purchase one (1) share of Common
Stock, one (1) Series A Common Warrant to purchase one (1) share of
Common Stock per warrant, and one (1) Series B Common Warrant
to purchase one (1) share of Common Stock per warrant. The public
offering price per Common Unit is $1.61 (or $1.6099
for each Pre-Funded Unit, which is equal to the public offering
price per Common Unit to be sold in the offering minus an exercise
price of $0.0001 per Pre-Funded
Warrant). The Pre-Funded Warrants will be 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 Common Units in
the offering will be decreased on a one-for-one basis. The
initial exercise price of each Series A Common Warrant is
$2.0125 per share of Common Stock.
The Series A Common Warrants are exercisable upon stockholder
approval and expire 60 months thereafter. The initial
exercise price of each Series B Common Warrant is $2.0125 per share of Common Stock or pursuant to
an alternative cashless exercise option. The Series B Common
Warrants are exercisable upon stockholder approval and expire 30
months thereafter.
The transaction closed on December 23,
2024. The Company will use the net proceeds from the
offering, together with its existing cash, for general corporate
purposes and working capital.
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.
A registration statement on Form S-1 (No. 333-283514) previously
filed with the U.S. Securities and Exchange Commission (the "SEC")
on November 27, 2024 was declared
effective by the SEC on December 19,
2024. The offering was made only by means of a prospectus. A
final prospectus describing the terms of the proposed offering has
been filed with the SEC and is available on the SEC's website
located at www.sec.gov. Electronic copies of the final prospectus
may be obtained, when available, by contacting Aegis Capital Corp.,
Attention: Syndicate Department, 1345 Avenue of the Americas, 27th
floor, New York, NY 10105, by
email at syndicate@aegiscap.com, or by telephone at +1 (212)
813-1010. Before investing in this offering, interested parties
should read in their entirety the prospectus, which provides more
information about the Company and such offering.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About Cyngn
Cyngn develops and deploys scalable, differentiated autonomous
vehicle technology for industrial organizations. Cyngn's
self-driving solutions allow existing workforces to increase
productivity and efficiency. The Company addresses significant
challenges facing industrial organizations today, such as labor
shortages, costly safety incidents, and increased consumer demand
for eCommerce.
Cyngn's DriveMod Kit can be installed on new industrial vehicles
at end of line or via retrofit, empowering customers to seamlessly
adopt self-driving technology into their operations without high
upfront costs or the need to completely replace existing vehicle
investments.
Cyngn's flagship product, its Enterprise Autonomy Suite,
includes DriveMod (autonomous vehicle system), Cyngn Insight
(customer-facing suite of AV fleet management, teleoperation, and
analytics tools), and Cyngn Evolve (internal toolkit that enables
Cyngn to leverage data from the field for artificial intelligence,
simulation, and modeling).
Forward-Looking Statements
The foregoing material may contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, each as
amended. Forward-looking statements include all statements that do
not relate solely to historical or current facts, including without
limitation statements regarding the Company's product development
and business prospects, and can be identified by the use of words
such as "may," "will," "expect," "project," "estimate,"
"anticipate," "plan," "believe," "potential," "should," "continue"
or the negative versions of those words or other comparable words.
Forward-looking statements are not guarantees of future actions or
performance. These forward-looking statements are based on
information currently available to the Company and its current
plans or expectations and are subject to a number of risks and
uncertainties that could significantly affect current plans. Should
one or more of these risks or uncertainties materialize, or the
underlying assumptions prove incorrect, actual results may differ
significantly from those anticipated, believed, estimated,
expected, intended, or planned. Although the Company believes that
the expectations reflected in the forward-looking statements are
reasonable, the Company cannot guarantee future results,
performance, or achievements. Except as required by applicable law,
including the security laws of the United
States, the Company does not intend to update any of the
forward-looking statements to conform these statements to actual
results.
Investor Contact:
Donald Alvarez, CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com
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SOURCE Cyngn