MENLO
PARK, Calif., Dec. 12,
2023 /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 common stock public offering made on a
reasonable best-efforts basis with gross proceeds of approximately
$5.0 million, before deducting
placement agent fees and other expenses payable by the Company. The
offering consisted of 33,333,333 shares of common stock and
pre-funded warrants. Each share of common stock (or pre-funded
warrant in lieu thereof) was 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).
The Company expects 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.
A registration statement on Form S-1 (File No. 333-275530)
relating to the offering of the securities was filed with the U.S.
Securities and Exchange Commission (SEC) and declared effective by
the SEC on December 7, 2023. The
offering was made only by means of a prospectus. A final prospectus
describing the terms of the proposed transaction may be obtained on
the SEC's website, www.sec.gov or by contacting Aegis Capital
Corp., 1345 Avenue of the Americas, 27th Floor, New York, NY 10105, by telephone at (212)
813-1010 or by email at syndicate@aegiscap.com. This press release
shall not constitute an offer to sell or a 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).
Find Cyngn on:
Website: https://cyngn.com
Twitter: http://twitter.com/cyngn
LinkedIn: https://www.linkedin.com/company/cyngn
YouTube: https://www.youtube.com/@cyngnhq
Investor/Media Contact:
Bill Ong, bill@cyngn.com;
650-204-1551
FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act and
other securities laws. Words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates" and similar
expressions or variations of such words are intended to identify
forward-looking statements. Forward-looking statements are not
historical facts, and are based upon management's current
expectations, beliefs and projections, many of which, by their
nature, are inherently uncertain. Such expectations, beliefs and
projections are expressed in good faith. However, there can be no
assurance that management's expectations, beliefs and projections
will be achieved, and actual results may differ materially from
what is expressed in or indicated by the forward-looking
statements. In addition, we cannot assure that any patent will
issue as a result of a pending patent application or, if issued,
whether it will issue in a form that will be advantageous to us.
Forward-looking statements are subject to risks and uncertainties
that could cause actual performance or results to differ materially
from those expressed in the forward-looking statements.
Forward-looking statements speak only as of the date the statements
are made. The Company assumes no obligation to update
forward-looking statements to reflect actual results, subsequent
events or circumstances, changes in assumptions or changes in other
factors affecting forward-looking information except to the extent
required by applicable securities laws. If the Company does update
one or more forward-looking statements, no inference should be
drawn that the Company will make additional updates with respect
thereto or with respect to other forward-looking statements.
References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release. Cyngn is not
responsible for the contents of third-party websites.
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SOURCE Cyngn