Cyngn Announces Pricing of $5.0 Million Public Offering of Common Stock
December 08 2023 - 09:00AM
PR Newswire (US)
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MENLO PARK, Calif., Dec. 8, 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 pricing 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 consists of 33,333,333 shares of common stock and pre-funded warrants. Each share of common stock (or pre-funded warrant in lieu thereof) is being 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).
"A fool and his money are soon parted.” ~Thomas Tusser
