Cyngn (NASDAQ: CYN) announced the closing of its previously announced registered direct offering, raising approximately $9.65 million in gross proceeds through the sale of 5,000,000 shares of common stock and pre-funded warrants at $1.93 per share, with the majority of the offering purchased by a single institutional investor. The transaction was priced at the market under Nasdaq rules and closed on March 17, 2026, with proceeds expected to support general corporate purposes and working capital. Aegis Capital Corp. acted as exclusive placement agent.
To view the full press release, visit https://ibn.fm/dLiSy
About Cyngn
Cyngn develops and deploys autonomous vehicle technology for industrial organizations like manufacturers and logistics companies. The Company addresses significant challenges facing industrial organizations today, such as labor shortages and costly safety incidents.
Cyngn’s DriveMod technology empowers customers to seamlessly bring self-driving technology to their operations without high upfront costs or infrastructure installations. DriveMod is currently available on Motrec MT-160 Tuggers and BYD Forklifts.
The DriveMod Tugger hauls up to 12,000 lbs, travels inside and out, and targets a typical payback period of less than 2 years. The DriveMod Forklift lifts heavy loads that use non-standard pallets and is currently available to select customers.
For more information on the Company, please visit https://www.cyngn.com/
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