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PARK, Calif., Dec. 30,
2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or
"Cyngn") (Nasdaq: CYN), a developer of AI-powered autonomous
driving software solutions for industrial applications, today
announced that it has entered into definitive agreements in a
registered direct offering with certain institutional investors for
the purchase and sale of 15,000,000 shares of common stock and/or
pre-funded warrants to acquire common stock in a registered direct
offering. The purchase price of each share is $0.60 (or $0.5999 for each pre-funded
warrant, which is equal to the public offering price per share to
be sold in the offering minus an exercise price
of $0.0001 per pre-funded warrant).
Aggregate gross proceeds to the Company are expected to be
approximately $9.0 million. The
transaction is expected to close on or about December 31, 2024 subject to the satisfaction of
customary closing conditions. The Company expects to use the net
proceeds from the offering, together with its existing cash, for
general corporate purposes and working capital.
Aegis Capital Corp. is acting as Exclusive Placement Agent
for the offering. Sichenzia Ross Ference Carmel LLP is
acting as counsel to the Company. Kaufman & Canoles, P.C. is
acting as counsel to Aegis Capital Corp.
The registered direct offering is being made pursuant to an
effective shelf registration statement on Form S-3, as amended
(File No. 333-271567), previously filed with the United States
Securities and Exchange Commission (the "SEC"), which was
declared effective by the SEC on June 13,
2023. A final prospectus supplement and accompanying
prospectus describing the terms of the proposed offering will be
filed with the SEC and will be available on the SEC's website
located at www.sec.gov/edgar. Electronic copies of the final
prospectus supplement and the accompanying prospectus may be
obtained, when available, by contacting Aegis Capital Corp.,
Attention: Syndicate Department, 1345 Avenue of the Americas, 27th
floor, New York, NY 10105, by
email at syndicate@aegiscap.com, or by telephone at +1 (212)
813-1010.
Interested parties should read in their entirety the prospectus
supplement and the accompanying prospectus and the other documents
that the Company has filed with the SEC that are incorporated by
reference in such prospectus supplement and the accompanying
prospectus, which provide more information about the Company and
such offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Cyngn
Cyngn develops and deploys scalable, differentiated autonomous
vehicle technology for industrial organizations. Cyngn's
self-driving solutions allow existing workforces to increase
productivity and efficiency. The Company addresses significant
challenges facing industrial organizations today, such as labor
shortages, costly safety incidents, and increased consumer demand
for eCommerce.
Cyngn's DriveMod Kit can be installed on new industrial vehicles
at end of line or via retrofit, empowering customers to seamlessly
adopt self-driving technology into their operations without high
upfront costs or the need to completely replace existing vehicle
investments.
Cyngn's flagship product, its Enterprise Autonomy Suite,
includes DriveMod (autonomous vehicle system), Cyngn Insight
(customer-facing suite of AV fleet management, teleoperation, and
analytics tools), and Cyngn Evolve (internal toolkit that enables
Cyngn to leverage data from the field for artificial intelligence,
simulation, and modeling).
Forward-Looking Statements
The foregoing material may contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, each as
amended. Forward-looking statements include all statements that do
not relate solely to historical or current facts, including without
limitation statements regarding the Company's product development
and business prospects, and can be identified by the use of words
such as "may," "will," "expect," "project," "estimate,"
"anticipate," "plan," "believe," "potential," "should," "continue"
or the negative versions of those words or other comparable words.
Forward-looking statements are not guarantees of future actions or
performance. These forward-looking statements are based on
information currently available to the Company and its current
plans or expectations and are subject to a number of risks and
uncertainties that could significantly affect current plans. Should
one or more of these risks or uncertainties materialize, or the
underlying assumptions prove incorrect, actual results may differ
significantly from those anticipated, believed, estimated,
expected, intended, or planned. Although the Company believes that
the expectations reflected in the forward-looking statements are
reasonable, the Company cannot guarantee future results,
performance, or achievements. Except as required by applicable law,
including the security laws of the United
States, the Company does not intend to update any of the
forward-looking statements to conform these statements to actual
results.
Investor Contact:
Donald Alvarez, CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com
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SOURCE Cyngn