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MOUNTAIN VIEW, Calif. - Cyngn Inc. (NASDAQ:CYN), a developer of autonomous vehicle technology for industrial organizations with a current market capitalization of $23.83 million, announced today the closing of a $15 million registered direct offering with a single institutional investor. The stock has seen remarkable momentum, gaining 240% in the past week according to InvestingPro data.
The transaction, which closed today, consisted of 2,994,012 shares of common stock and pre-funded warrants at a price of $5.01 per share of common stock (or $5.00999 per pre-funded warrant). The pre-funded warrants are immediately exercisable with an exercise price of $0.00001 per warrant. InvestingPro analysis indicates the company maintains a strong liquidity position with a current ratio of 8.49, though its overall financial health score remains weak with an EBITDA of -$21.4 million in the last twelve months.
Aegis Capital Corp. served as the exclusive placement agent for the offering, with Sichenzia Ross Ference Carmel LLP acting as counsel to Cyngn and Kaufman & Canoles, P.C. representing Aegis.
The company plans to use the net proceeds for general corporate purposes and working capital, according to the press release statement.
The offering was conducted under an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission and declared effective on June 13, 2023.
Cyngn develops autonomous vehicle technology that addresses industrial challenges including labor shortages and safety incidents. The company’s DriveMod technology is currently available on Motrec MT-160 Tuggers, which can haul up to 12,000 lbs, and BYD Forklifts designed for non-standard pallets. With revenue of $0.41 million in the last twelve months, the company shows potential for growth in the expanding autonomous vehicle market. Unlock 12+ additional insights and real-time alerts with InvestingPro.
In other recent news, Cyngn Inc. announced it has secured approximately $17.2 million through a registered direct offering with a single institutional investor. This transaction involves the sale of shares and pre-funded warrants, with the proceeds intended for general corporate purposes and working capital. Additionally, Cyngn has entered into definitive agreements for another $15 million registered direct offering, also with a single institutional investor, to further support its financial needs. In a separate development, Cyngn is collaborating with NVIDIA at the Automatica 2025 showcase to demonstrate its autonomous vehicle technology. This collaboration highlights Cyngn’s use of NVIDIA’s Isaac platform to enhance its industrial applications. Cyngn has also received a notice of allowance for a new patent aimed at improving the modularity of sensor systems in industrial machines. Furthermore, the company announced the issuance of its 22nd U.S. patent, focusing on cloud-based autonomous driving computation. This patent is part of Cyngn’s strategy to advance its technological capabilities and protect its intellectual property. These recent developments underscore Cyngn’s ongoing efforts to innovate and expand its autonomous vehicle technology offerings.
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