Cyngn Inc. (NASDAQ: CYN) completed a registered direct offering of $9.65 million in common stock and pre-funded warrants at $1.93 per share, the company announced. The transaction closed on March 17, 2026.

The offering consisted of 5 million shares of common stock or pre-funded warrants. A single institutional investor purchased more than 90% of the offering, with a high-net-worth individual acquiring the remainder. The pre-funded warrants were priced at $1.92999 each, with an exercise price of $0.00001 per warrant.

The pre-funded warrants are immediately exercisable and may be exercised at any time until exercised in full. For each pre-funded warrant sold, the number of common stock shares in the offering decreased on a one-for-one basis.

Following completion of the offering, Cyngn has 16,896,493 shares of common stock issued and outstanding, assuming exercise of all pre-funded warrants issued in the offering. The company stated it intends to use net proceeds for general corporate purposes and working capital.

Aegis Capital Corp. served as exclusive placement agent for the offering. Kaufman & Canoles, P.C. acted as counsel to the company, while Greenberg Traurig, P.A. served as counsel to Aegis Capital Corp.

The registered direct offering was conducted pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission and declared effective on September 18, 2025.

Cyngn develops autonomous vehicle technology for industrial organizations including manufacturers and logistics companies. The company's DriveMod technology is currently available on Motrec MT-160 Tuggers and BYD Forklifts.