Cyngn prices $9M registered direct offering at 60c per share

Cyngn (CYN) announced that it has entered into definitive agreements in a registered direct offering with certain institutional investors for the purchase and sale of 15M shares of common stock and/or pre-funded warrants to acquire common stock in a registered direct offering. The purchase price of each share is 60c or 59.99c for each pre-funded warrant, which is equal to the public offering price per share to be sold in the offering minus an exercise price of $0.0001 per pre-funded warrant. Aggregate gross proceeds to the company are expected to be approximately $9.0M. The company expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital. Aegis Capital is acting as Exclusive Placement Agent for the offering.