Cyngn Inc. Secures $9 Million in Funding to Advance AI-Powered Autonomous Driving Solutions

Cyngn : Announces Pricing of $9.0 Million Registered Direct Offering Priced At The Market Form 8 K

Cyngn Inc. Announces Pricing of $9.0 Million Registered Direct Offering Priced At-The-Market MENLO PARK, Calif., Dec. 30, 2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN), a developer of AI-powered autonomous driving software solutions for industrial applications, today announced that it has entered into definitive agreements in a registered direct offering with certain institutional investors for the purchase and sale of 15,000,000 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 $0.60 (or $0.5999 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 $9.0 million. The transaction is expected to close on or about December 31, 2024 subject to the satisfaction of customary closing conditions. 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 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. The registered direct offering is being made pursuant to an effective shelf registration statement on Form S-3, as amended (File No. 333-271567), previously filed with the United States Securities and Exchange Commission (the "SEC"), which was declared effective by the SEC on June 13, 2023. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC's website located at www.sec.gov/edgar. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at [email protected], or by telephone at +1 (212) 813-1010. Interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Cyngn 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). Forward-Looking Statements The foregoing material may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company's product development and business prospects, and can be identified by the use of words such as "may," "will," "expect," "project," "estimate," "anticipate," "plan," "believe," "potential," "should," "continue" or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Cyngn Inc. Announces Closing of $9.0 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules

MENLO PARK, Calif., Dec. 31, 2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN), a developer of AI-powered autonomous driving software solutions for industrial applications, today announced the closing of its previously announced registered direct offering priced at-the-market under Nasdaq rules for the purchase and sale of an aggregate of 15,000,000 shares of common stock (or pre-funded warrants in lieu thereof) at a purchase price of $0.60 per share (or $0.5999 for each pre-funded warrant). The gross proceeds to the Company from the offering were $9.0 million, before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital. Aegis Capital Corp. acted as Exclusive Placement Agent for the offering. Sichenzia Ross Ference Carmel LLP acted as counsel to the Company. Kaufman & Canoles, P.C. acted as counsel to Aegis Capital Corp. The common stock (and pre-funded warrants in lieu thereof) were issued in a registered direct offering pursuant to an effective shelf registration statement on Form S-3, as amended (File No. 333-271567), previously filed with the United States Securities and Exchange Commission (the "SEC"), and declared effective by the SEC on June 13, 2023. A final prospectus supplement and accompanying prospectus describing the terms of the proposed registered direct offering was filed with the SEC and is available on the SEC's website located at www.sec.gov/edgar. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at [email protected], or by telephone at +1 (212) 813-1010. Interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Cyngn 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). Forward-Looking Statements The foregoing material may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company's product development and business prospects, and can be identified by the use of words such as "may," "will," "expect," "project," "estimate," "anticipate," "plan," "believe," "potential," "should," "continue" or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. Investor Contact: Donald Alvarez, CFO [email protected] Media Contact: Luke Renner, Head of Marketing [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/cyngn-inc-announces-closing-of-9-0-million-registered-direct-offering-priced-at-the-market-under-nasdaq-rules-302340672.html

Cyngn Inc. Announces Closing of $9.0 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules - Cyngn (NASDAQ:CYN)

MENLO PARK, Calif., Dec. 31, 2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") CYN, a developer of AI-powered autonomous driving software solutions for industrial applications, today announced the closing of its previously announced registered direct offering priced at-the-market under Nasdaq rules for the purchase and sale of an aggregate of 15,000,000 shares of common stock (or pre-funded warrants in lieu thereof) at a purchase price of $0.60 per share (or $0.5999 for each pre-funded warrant). The gross proceeds to the Company from the offering were $9.0 million, before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital. Aegis Capital Corp. acted as Exclusive Placement Agent for the offering. Sichenzia Ross Ference Carmel LLP acted as counsel to the Company. Kaufman & Canoles, P.C. acted as counsel to Aegis Capital Corp. The common stock (and pre-funded warrants in lieu thereof) were issued in a registered direct offering pursuant to an effective shelf registration statement on Form S-3, as amended (File No. 333-271567), previously filed with the United States Securities and Exchange Commission (the "SEC"), and declared effective by the SEC on June 13, 2023. A final prospectus supplement and accompanying prospectus describing the terms of the proposed registered direct offering was filed with the SEC and is available on the SEC's website located at www.sec.gov/edgar. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at [email protected], or by telephone at +1 (212) 813-1010. Interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Cyngn 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). The foregoing material may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company's product development and business prospects, and can be identified by the use of words such as "may," "will," "expect," "project," "estimate," "anticipate," "plan," "believe," "potential," "should," "continue" or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. Investor Contact: Donald Alvarez, CFO [email protected] Luke Renner, Head of Marketing [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/cyngn-inc-announces-closing-of-9-0-million-registered-direct-offering-priced-at-the-market-under-nasdaq-rules-302340672.html SOURCE Cyngn Market News and Data brought to you by Benzinga APIs

Cyngn completes $9 million stock offering By Investing.com

MENLO PARK, Calif. - Cyngn Inc. (NASDAQ:CYN), an AI autonomous driving software company, has finalized a registered direct offering, securing $9 million in gross proceeds. The offering involved the sale of 15 million shares of common stock, or pre-funded warrants as an alternative, at a price of $0.60 per share or $0.5999 per warrant. The stock currently trades at $0.85, with a market capitalization of just $1.97 million, following a significant YTD decline of 94.4%. The company disclosed on Tuesday that the funds raised, before accounting for placement agent fees and other expenses, would bolster general corporate purposes and working capital. Aegis Capital Corp. served as the exclusive placement agent for the offering, while Sichenzia Ross Ference Carmel LLP and Kaufman & Canoles, P.C. provided legal counsel to Cyngn and Aegis Capital Corp., respectively. The offering was made under an effective shelf registration statement on Form S-3, which the SEC declared effective on June 13, 2023. Details of the offering are available in the final prospectus supplement and accompanying prospectus filed with the SEC, accessible on the SEC's website. Cyngn specializes in developing autonomous vehicle technology for industrial use, aiming to address labor shortages and enhance productivity and safety within the sector. Despite current revenue of just $0.1M in the last twelve months, analysts maintain a $12 price target for the stock. Get deeper insights and exclusive financial metrics with InvestingPro. The company's DriveMod Kit can be retrofitted into existing industrial vehicles or installed in new ones, allowing for a cost-effective transition to autonomous operations. The press release contains forward-looking statements regarding Cyngn's product development and business outlook, which are subject to risks and uncertainties that could cause actual results to differ materially from those projected. This news article is based on a press release statement from Cyngn Inc. In other recent news, Cyngn Inc., an AI autonomous driving software developer, has announced a follow-on public offering aimed at raising approximately $20 million. The offering includes over 12 million Common Units and Pre-Funded Units, each with accompanying warrants for additional common stock purchases. Aegis Capital Corp. is acting as the exclusive placement agent for this offering. Cyngn Inc. has also secured $3.5 million in a private placement, with the funds earmarked for working capital and general corporate purposes. In terms of personnel, the company has appointed Marty Petraitis, a seasoned professional in technology and industrial automation, as its new Vice President of Sales. Cyngn has also partnered with Raymond (NS:RYMD) West and an unnamed leading automotive supplier for the deployment of its DriveMod Tuggers. In technological advancements, the company has made significant enhancements in its proprietary computer vision technology, now incorporated in its DriveMod autonomous vehicle system. Cyngn has been granted two new patents, taking its total to 21, aimed at improving the precision of sensor data and the operation of autonomous vehicles in dynamic environments. The company has expanded its DriveMod solution to support outdoor operations, expected to boost material transport capabilities in large industrial settings. Lastly, Cyngn has entered into strategic partnerships with brands such as John Deere (NYSE:DE), Rivian (NASDAQ:RIVN), and RobotLAB. These partnerships are part of the company's strategy to strengthen its position in the competitive autonomous vehicle market.