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Today, Cyngn Inc. (NASDAQ:CYN), a small-cap technology company with a market capitalization of $36.53 million and currently trading at $5.68, announced it has entered into an at-the-market issuance sales agreement with Aegis Capital Corp. The company’s stock has seen a significant decline, down over 95% year-to-date. According to InvestingPro analysis, the company currently shows a Weak financial health score. Under the agreement, Cyngn may offer and sell shares of its common stock having an aggregate offering price of up to $100 million through Aegis Capital, acting as sales agent or principal.
According to the company’s statement, sales of the common stock, if any, will be made at prevailing market prices at the time of sale or as otherwise agreed with Aegis Capital. The agent will receive a commission of up to 3.0% of the gross proceeds from any shares sold under the agreement. Cyngn is not obligated to sell, and Aegis Capital is not obligated to buy or sell, any shares under the agreement. The company noted there is no assurance that any shares will be sold, or as to the amount or timing of any sales.
The agreement includes provisions for indemnification of Aegis Capital by Cyngn against certain liabilities under U.S. securities laws. Both parties have the right to terminate the sales agreement as outlined in the contract.
The shares will be issued pursuant to Cyngn’s shelf registration statement on Form S-3, filed with the Securities and Exchange Commission on September 5, 2025. The registration statement must be declared effective by the SEC before any sales occur.
This information is based on a press release statement contained in a recent SEC filing.
In other recent news, Cyngn Inc. has made significant strides with multiple developments. The company has successfully raised $32 million in capital, which will extend its financial runway through 2027, and recently completed a $17.2 million registered direct offering with a single institutional investor. This funding fully utilized Cyngn’s shelf registration and strengthens its balance sheet. Additionally, Cyngn has been granted its 23rd U.S. patent for a modular sensor system designed for automated guided vehicles, enhancing its technological capabilities. The company has also deployed its autonomous DriveMod Tugger at Coats Company’s manufacturing facility in Tennessee, reportedly freeing up over 500 hours of labor. In its efforts to bolster security, Cyngn has partnered with Drata to pursue SOC 2 Type II and ISO 27001 certifications. This partnership is part of Cyngn’s broader information security initiatives, which include a bug bounty program that recently resolved a minor configuration issue. These recent developments highlight Cyngn’s commitment to advancing its technology and financial stability.
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