Cyngn Announces Pricing of Initial Public Offering
October 19 2021 - 5:31PM
Business Wire
Cyngn (or the “Company”), a developer of innovative autonomous
driving software solutions for industrial and commercial
enterprises, today announced the pricing of its initial public
offering of 3,500,000 shares of common stock at a public offering
price of $7.50. The gross proceeds of the offering are expected to
be approximately $26.3 million before deducting underwriting
discounts, commissions and offering expenses. The offering is
expected to close on October 22, 2021, subject to satisfaction of
customary closing conditions.
In addition, the Company has granted Aegis Capital Corp. a
45-day option to purchase up to 525,000 additional shares of common
stock at the public offering price to cover over-allotments, if
any. If this option is exercised in full, the gross proceeds of the
offering would be approximately $30.2 million before deducting
underwriting discounts, commissions and offering expenses. The
common stock is expected to begin trading on The Nasdaq Capital
Market on October 20, 2021, under the symbol “CYN.”
Aegis Capital Corp. is acting as the sole book-running
manager for the offering.
A registration statement on Form S-1 relating to common stock
being sold in this offering was declared effective by the
Securities and Exchange Commission (the “SEC”) on October 19, 2021.
The offering is being made only by means of a prospectus. Copies of
the final prospectus may be obtained, when available, on the SEC’s
website, www.sec.gov, or by contacting Aegis Capital Corp.,
Attention: Syndicate Department, 810 7th Avenue, 18th Floor, New
York, NY 10019, by email at syndicate@aegiscap.com, or by telephone
at (212) 813-1010.
This press release shall not constitute an offer to sell, or a
solicitation of an offer to buy these securities, 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 is a Silicon Valley venture-backed industrial autonomous
vehicle technology company. Cyngn’s flagship innovation is
DriveMod, an autonomous driving solution that can be flexibly
deployed on multiple vehicle types in various environments. The
company has been operating autonomous vehicles in production
environments since 2017.
Forward-Looking Statement Disclaimer
This press release includes forward-looking statements that
involve risks and uncertainties. Forward-looking statements are
statements that are not historical facts. Such forward-looking
statements are subject to risks and uncertainties, which could
cause actual results to differ from the forward-looking statements,
including those set forth in the risk factors section of the
prospectus used in connection with Cyngn’s initial public offering.
No assurance can be given that the offering discussed above will be
completed on the terms described, or at all, or the net proceeds of
the offering will be used as indicated. Cyngn expressly disclaims
any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in Cyngn’s expectations with respect thereto or
any change in events, conditions or circumstances on which any
statement is based, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211019006212/en/
Carolyne Sohn Vice President, The Equity Group
csohn@equityny.com (415) 568-2255
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