Cyngn Inc. (Cyngn), a Nasdaq-listed autonomous vehicle technology company, has announced a firm commitment public offering of 19,800,000 shares of its common stock at a price of $0.10 per share. Additionally, Cyngn is offering pre-funded warrants to purchase up to 30,200,000 shares of common stock to purchasers who would exceed ownership thresholds post-offering. Each pre-funded warrant has an exercise price of $0.00001 per share and is exercisable for one share of common stock. The offering also includes the common stock issuable upon the exercise of the pre-funded warrants. Cyngn's common stock is traded under the symbol 'CYN', and as of April 23, 2024, the last reported sale price was $0.1140 per share. The pre-funded warrants will not be listed on...Show More

Cyngn Inc. (Cyngn), a Nasdaq-listed autonomous vehicle technology company, has announced a firm commitment public offering of 19,800,000 shares of its common stock at a price of $0.10 per share. Additionally, Cyngn is offering pre-funded warrants to purchase up to 30,200,000 shares of common stock to purchasers who would exceed ownership thresholds post-offering. Each pre-funded warrant has an exercise price of $0.00001 per share and is exercisable for one share of common stock. The offering also includes the common stock issuable upon the exercise of the pre-funded warrants. Cyngn's common stock is traded under the symbol 'CYN', and as of April 23, 2024, the last reported sale price was $0.1140 per share. The pre-funded warrants will not be listed on any national securities exchange. Aegis Capital Corp. has been granted a 45-day option to purchase up to an additional 7,500,000 shares of common stock to cover over-allotments. The offering is expected to close on or about April 25, 2024. Cyngn intends to use the net proceeds for general corporate purposes, including working capital. Investing in Cyngn's securities involves a high degree of risk, and the company has been experiencing substantial doubt about its ability to continue as a going concern without raising additional capital.