MENLO
PARK, Calif., May 3, 2024
/PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq:
CYN), a developer of AI-powered autonomous driving software
solutions for industrial applications, today announced the
underwriter of its previously announced firm commitment public
offering has exercised its over-allotment option to purchase an
additional 2,040,000 shares of common stock at a price of
$0.10 per share. Total gross proceeds
to the Company from the offering, including funds received from the
prior closing and exercise of this option are approximately
$5.2 million, before deducting
underwriting discounts, commissions, and other offering expenses
payable by the Company.
Aegis Capital Corp. acted as sole bookrunner for the
offering.
A registration statement on Form S-1 (File No. 333-278671)
relating to the offering of the securities was filed with the U.S.
Securities and Exchange Commission (SEC) and declared effective by
the SEC on April 23, 2024. The
offering is being made only by means of a prospectus. A final
prospectus describing the terms of the proposed transaction may be
obtained, when available, on the SEC's website, www.sec.gov or by
contacting Aegis Capital Corp., 1345 Avenue of the Americas, 27th
Floor, New York, NY 10105, by
telephone at (212) 813-1010 or by email at syndicate@aegiscap.com.
This press release shall not constitute an offer to sell or a
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).
Find Cyngn on:
- Website: cyngn.com
- Twitter: twitter.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
Investor Contact:
Don Alvarez, CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com
FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act and
other securities laws. Words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates" and similar
expressions or variations of such words are intended to identify
forward-looking statements. Forward-looking statements are not
historical facts, and are based upon management's current
expectations, beliefs and projections, many of which, by their
nature, are inherently uncertain. Such expectations, beliefs and
projections are expressed in good faith. However, there can be no
assurance that management's expectations, beliefs and projections
will be achieved, and actual results may differ materially from
what is expressed in or indicated by the forward-looking
statements. Forward-looking statements are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed in the forward-looking
statements, including the risk factors described from time to time
in the Company's reports to the SEC, including, without limitation
the risk factors discussed in the Company's annual report on Form
10-K filed with the SEC on March 7,
2024. Readers are cautioned that it is not possible to
predict or identify all the risks, uncertainties and other factors
that may affect future results. No forward-looking statement can be
guaranteed, and actual results may differ materially from those
projected. Cyngn undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events, or otherwise. References and links to websites have
been provided as a convenience, and the information contained on
such websites is not incorporated by reference into this press
release. Cyngn is not responsible for the contents of third-party
websites.
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SOURCE Cyngn