Cyngn Inc. (NASDAQ: CYN) announced it has entered into definitive agreements for a registered direct offering to raise approximately $9.65 million through the sale of common stock and pre-funded warrants.

The offering consists of 5 million shares priced at $1.93 per share of common stock, with pre-funded warrants priced at $1.92999 each. A single institutional investor acquired more than 90% of the offering, with a high-net-worth individual purchasing the remainder. The transaction was priced at market under Nasdaq rules.

The pre-funded warrants are immediately exercisable with an exercise price of $0.00001 per warrant and may be exercised at any time until exercised in full. The offering is expected to close on or about March 17, 2026, subject to customary closing conditions.

Following completion of the offering, Cyngn expects to have 16,896,493 shares of common stock outstanding, assuming all pre-funded warrants are exercised. The company plans to use net proceeds for general corporate purposes and working capital.

Aegis Capital Corp. is serving as exclusive placement agent for the offering. The registered direct offering is being conducted under an effective shelf registration statement on Form S-3 that was declared effective by the SEC on September 18, 2025.

Cyngn develops autonomous vehicle technology for industrial organizations, addressing challenges such as labor shortages and safety incidents. The company's DriveMod technology is currently available on Motrec MT-160 Tuggers and BYD Forklifts.