Cyngn Inc (CYN) closes $17.2 million offering

Cyngn Inc. (NASDAQ: CYN) today announced the closing of a registered direct offering with a single institutional investor for the purchase and sale of approximately $17.2 million of shares of Common Stock and pre-funded warrants at a price of $7.50 per share of Common Stock. Upon closing of the offering, the Company will have fully utilized its shelf registration statement.

The offering consisted of the sale of 2,293,333 shares of Common Stock (or Pre-Funded Warrants). The public offering price per share of Common Stock was $7.50 (or $7.49999 for each Pre-Funded Warrant, which is equal to the public offering price per share of Common Stock to be sold in the offering minus an exercise price of $0.00001 per Pre-Funded Warrant). The Pre-Funded Warrants are immediately exercisable and may be exercised at any time until exercised in full.

Aggregate gross proceeds to the Company were approximately $17.2 million. The transaction closed on June 30, 2025. The Company expects to use the net proceeds from the offering 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 registered direct offering was made pursuant to an effective shelf registration statement on Form S-3 (No. 333-271567) previously filed with the U.S. Securities and Exchange Commission (SEC) and 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. 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.

You May Also Be Interested In

• Aeva Technologies launches $100 million follow-on stock offering
• Fairfax prices $750 million senior notes offering at 6.200% interest
• Smith-Midland receives Nasdaq notice for late quarterly filing