Cyngn Inc. (CYN), Friday announced the pricing of a follow-on public offering, comprising of about 12.4 million common units and pre-funded units, at $1.61 per common unit, expected to raise about $20 million.
The company intends to use the proceeds, along with existing cash, for working capital and other general corporate purposes, including repayment of outstanding senior notes.
The offering is set to close on or about December 23.
Currently, Cyngn's stock is trading at $0.40, down 75.07 percent on the Nasdaq.
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