Cyngn Announces Pricing Of $5.0 Mln Of Its Common Stock

(RTTNews) - Cyngn Inc. (CYN), a developer of AI-powered autonomous driving software solutions for industrial applications, announced the pricing of $5.0 million of its common stock. The offering consists of about 33.33 million shares of common stock and pre-funded warrants. Each share of common stock is being sold at a purchase price of $0.15 per share or $0.14999 per pre-funded warrant after reducing $0.00001 attributable to the exercise price of the pre-funded warrants.

The offering is expected to close on December 12, 2023.

The company expects to use the net proceeds from the offering for general corporate purposes, including working capital.