Cyngn announces $9.65M registered direct offering

Cyngn (CYN) announced that it has entered into definitive agreements in a registered direct offering with for the purchase and sale of approximately $9.65M of shares of common stock and pre-funded warrants at a price of $1.93 per share of common stock. A single institutional investor acquired greater than ninety percent of the offering, with a high-net-worth individual purchasing the remaining percent. The entire transaction has been priced at the market under Nasdaq rules. Aggregate gross proceeds to the company are expected to be approximately $9.65M. The transaction is expected to close on or about March 17, 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. Following completion of the offering, the company will have 16.9M shares of common stock issued and outstanding, assuming the exercise of all pre-funded warrants issued in the offering. Aegis Capital Corp. is acting as exclusive placement agent for the offering.