Cyngn (NASDAQ: CYN), a developer of AI-powered autonomous driving software solutions for industrial applications, today announced the closing of its common stock public offering made on a reasonable best-efforts basis with gross proceeds of approximately $5.0. According to the announcement, the offering consisted of 33,333,333 shares of common stock and pre-funded warrants, with each sold at a purchase price of $0.15 per share (or $0.14999 per pre-funded warrant after reducing $0.00001 attributable to the exercise price of the pre-funded warrants). Cyngn intends to use the net proceeds from the offering for general corporate purposes, including working capital. Aegis Capital Corp. acted as exclusive placement agent for the offering.
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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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