Cyngn Announces Closing of $5.0 Million Firm Commitment Public Offering of Common Stock
Summary
Each share of common stock (or pre-funded warrant in lieu thereof) was 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. ("Aegis") a 45-day option to purchase up to 15% of the number of shares and pre-funded warrants sold in the offering solely to cover over-allotments, if any.The offering closed on April 25, 2024, subject to the satisfaction of customary closing conditions.The Company expects to use the net proceeds from the offering for general corporate purposes, including working capital.Aegis Capital Corp. acted as sole bookrunner for the offering. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce.Cyngns 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.Cyngns 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).This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act and other securities laws. Forward-looking statements are not historical facts, and are based upon managements current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. However, there can be no assurance that managements expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.