MENLO
PARK, Calif., Dec. 31,
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 its previously announced registered
direct offering priced at-the-market under Nasdaq rules for the
purchase and sale of an aggregate of 15,000,000 shares of common
stock (or pre-funded warrants in lieu thereof) at a purchase price
of $0.60 per share (or $0.5999 for each pre-funded warrant).
The gross proceeds to the Company from the offering were
$9.0 million, before deducting
placement agent fees and other offering expenses payable by the
Company. The Company intends to 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.
The common stock (and pre-funded warrants in lieu thereof) were
issued in a registered direct offering pursuant to an effective
shelf registration statement on Form S-3, as amended (File No.
333-271567), previously filed with the United States Securities and
Exchange Commission (the "SEC"), and declared effective by the
SEC on June 13, 2023. A final
prospectus supplement and accompanying prospectus describing the
terms of the proposed registered direct offering was filed with the
SEC and is available on the SEC's website located at
www.sec.gov/edgar. Electronic copies of the final prospectus
supplement and the accompanying 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.
Interested parties should read in their entirety the prospectus
supplement and the accompanying prospectus and the other documents
that the Company has filed with the SEC that are incorporated by
reference in such prospectus supplement and the accompanying
prospectus, which provide more information about the Company and
such offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such 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