Cyngn Announces Closing of Initial Public Offering
23 10월 2021 - 1:10AM
Business Wire
Cyngn (or the “Company”) (NASDAQ: CYN), a developer of
innovative autonomous driving software solutions for industrial and
commercial enterprises, today announced the closing of its initial
public offering of 3,500,000 shares of common stock at a public
offering price of $7.50. The gross proceeds of the offering were
approximately $26.3 million before deducting underwriting
discounts, commissions and offering expenses. In addition, the
Company has granted Aegis Capital Corp. a 45-day option to purchase
up to an additional 525,000 shares of common stock to cover
over-allotments, if any, at the initial public offering price, less
the underwriting discount.
The common stock began trading on The Nasdaq Capital Market
under the symbol “CYN” on October 20, 2021.
Aegis Capital Corp. acted as the sole book-running manager
for the offering.
A registration statement on Form S-1 relating to common stock
being sold in this offering was declared effective by the
Securities and Exchange Commission (the “SEC”) on October 19, 2021.
The offering was made only by means of a prospectus. Copies of the
final prospectus may be obtained on the SEC’s website, www.sec.gov,
or by contacting Aegis Capital Corp., Attention: Syndicate
Department, 810 7th Avenue, 18th Floor, New York, NY 10019, by
email at syndicate@aegiscap.com, or by telephone at (212)
813-1010.
This press release shall not constitute an offer to sell, or a
solicitation of an offer to buy these securities, 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 is an industrial autonomous vehicle technology company.
Cyngn’s flagship innovation is DriveMod, an autonomous driving
solution that can be flexibly deployed on multiple vehicle types in
various environments. The Company has been operating autonomous
vehicles in production environments since 2017. For additional
information, please visit www.cyngn.com.
Forward-Looking Statement Disclaimer
This press release includes forward-looking statements that
involve risks and uncertainties. Forward-looking statements are
statements that are not historical facts. Such forward-looking
statements are subject to risks and uncertainties, which could
cause actual results to differ from the forward-looking statements,
including those set forth in the risk factors section of the
prospectus used in connection with Cyngn’s initial public offering.
Cyngn expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in Cyngn’s expectations with
respect thereto or any change in events, conditions or
circumstances on which any statement is based, except as required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211022005405/en/
Carolyne Sohn Vice President, The Equity Group
csohn@equityny.com (415) 568-2255
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