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Cyngn announces $17M registered direct offering

Cyngn (CYN) announced that it has entered into definitive agreements in a registered direct offering with a single institutional investor for the purchase and sale of approximately $17.2M of shares of Common Stock and pre-funded warrants at a price of $7.50 per share of Common Stock. Upon closing of the offering, the company will have fully utilized its shelf registration statement. Aggregate gross proceeds to the Company are expected to be approximately $17.2 million. The transaction is expected to close on or about June 30, 2025, subject to the satisfaction of customary closing conditions. The company expects to use the net proceeds from the offering for general corporate purposes and working capital. Aegis Capital Corp. is acting as exclusive placement agent for the offering. Sichenzia Ross Ference Carmel LLP is acting as counsel to the Company. Kaufman & Canoles, P.C. is acting as counsel to Aegis Capital Corp.

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