Cyngn (NASDAQ: CYN), a developer of AI-powered autonomous driving software solutions for industrial applications, recently announced the closing of its public offering. The offering was made on a firm commitment basis with gross proceeds of $5.0 million, before deductions. According to the announcement, the offering consisted of 50,000,000 shares of common stock and pre-funded warrants, with each sold at a purchase price of $0.10 per share (or $0.09999 per pre-funded warrant after reducing $0.00001 attributable to the exercise price of the pre-funded warrants). In addition, Cyngn granted Aegis Capital Corp., the sole bookrunner for the offering, a 45-day option to purchase up to 15% of the number of shares and pre-funded warrants sold in the offering to cover any over-allotments. The company expects to use the net proceeds from the offering for general corporate purposes, including working capital.
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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). For more information, visit the company’s website at www.Cyngn.com.
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