QualityStocksNewsBreaks – Cyngn Inc. (NASDAQ: CYN) Secures $5M in Public Offering
Cyngn (NASDAQ: CYN), a developer of AI-powered autonomous driving software solutions for industrial applications, today announced the closing of its common stock public offering made on a reasonable best-efforts basis with gross proceeds of approximately $5.0. According to the announcement, the offering consisted of 33,333,333 shares of common stock and pre-funded warrants, with each 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). Cyngn intends to use the net proceeds from the offering for general corporate purposes, including working capital. Aegis Capital Corp.…
