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MOUNTAIN VIEW, Calif. - Autonomous vehicle technology company Cyngn Inc. (NASDAQ:CYN), currently valued at $28.61 million in market capitalization, announced today it has closed a $17.2 million registered direct offering with a single institutional investor, fully utilizing its shelf registration statement. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 8.49.
The transaction involved the sale of 2,293,333 shares of common stock and pre-funded warrants at a price of $7.50 per share (or $7.49999 per pre-funded warrant with an exercise price of $0.00001). The pre-funded warrants are immediately exercisable.
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 offering was made pursuant to an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission. Cyngn indicated it plans to use the net proceeds for general corporate purposes and working capital.
Cyngn develops autonomous vehicle technology for industrial organizations, focusing on solutions for manufacturers and logistics companies facing labor shortages and safety challenges. The company’s DriveMod technology is currently available on Motrec MT-160 Tuggers and BYD Forklifts.
The DriveMod Tugger can haul up to 12,000 lbs and is designed for both indoor and outdoor use, according to the company’s statement based on a press release.
In other recent news, Cyngn Inc. has completed a $15 million registered direct offering with a single institutional investor. This transaction involved the sale of 2,994,012 shares of common stock and pre-funded warrants, with plans to use the proceeds for general corporate purposes and working capital. In another financial development, Cyngn secured approximately $17.2 million through a registered direct offering, involving 2,293,333 shares of common stock or pre-funded warrants. This offering is expected to close around June 30, 2025, and will fully utilize the company’s shelf registration statement. Cyngn is also collaborating with NVIDIA to showcase its autonomous vehicle technology at the Automatica 2025 event, highlighting its DriveMod software built on NVIDIA’s Isaac platform. Additionally, Cyngn is expanding its patent portfolio with a notice of allowance for a new patent on a modular sensor system for automated guided vehicles. This patent will enhance the modularity of sensor systems, contributing to the company’s strategy for technological differentiation. These recent developments underscore Cyngn’s ongoing efforts in advancing its autonomous vehicle technology and expanding its intellectual property portfolio.
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