Cyngn raises $17.2 million in registered direct offering

MOUNTAIN VIEW, Calif. - Autonomous vehicle technology company Cyngn Inc. (NASDAQ:CYN), currently trading at $13.60 with a market capitalization of $23.8 million, announced Friday it has secured approximately $17.2 million through a registered direct offering with a single institutional investor. According to InvestingPro analysis, the company’s shares appear overvalued relative to their Fair Value.

The transaction involves the sale of 2,293,333 shares of common stock or pre-funded warrants at a price of $7.50 per share, according to a company press release statement. The pre-funded warrants are priced at $7.49999 with an exercise price of $0.00001 and will be immediately exercisable.

Aegis Capital Corp. is serving as the exclusive placement agent for the offering, which is expected to close around June 30, 2025, subject to customary closing conditions.

Cyngn indicated it plans to use the net proceeds for general corporate purposes and working capital. Upon completion of this offering, the company will have fully utilized its shelf registration statement.

The offering is being conducted under an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission.

Cyngn develops autonomous vehicle technology for industrial organizations, with its DriveMod technology currently available on Motrec MT-160 Tuggers and BYD Forklifts. The company’s solutions aim to address labor shortages and safety concerns in industrial settings. With trailing twelve-month revenue of $0.41 million, the company faces significant growth challenges. Discover more detailed insights and financial metrics with InvestingPro’s comprehensive analysis tools.

In other recent news, Cyngn Inc. announced a $15 million registered direct offering with an institutional investor, involving nearly three million shares of common stock and pre-funded warrants. The company plans to use the proceeds for general corporate purposes and working capital. In collaboration with NVIDIA, Cyngn showcased its autonomous vehicle technology at Automatica 2025, highlighting its DriveMod software integrated with NVIDIA’s Isaac platform for industrial applications. The company also received a notice of allowance for a new patent aimed at enhancing sensor system modularity in industrial machines, adding to its portfolio of 22 patents granted between 2023 and 2024. Furthermore, Cyngn secured its 22nd U.S. patent for a cloud-based autonomous driving computation system, which could lead to lighter and more cost-effective vehicles. This patent also includes fleet management capabilities, addressing industrial challenges like labor shortages and increased eCommerce demand. These developments reflect Cyngn’s ongoing commitment to innovation and intellectual property protection in the autonomous vehicle sector.

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