Cyngn Inc. (CYN) has entered into definitive agreements with a single institutional investor for a registered direct offering totaling approximately $15 million.
The deal includes the sale of 2,994,012 shares of Common Stock and pre-funded warrants at a price of $5.01 per share or $5.00999 per warrant, with each warrant exercisable at $0.00001.
The offering is expected to close on or around June 27, 2025, subject to customary closing conditions. Cyngn plans to use the net proceeds for general corporate purposes and working capital needs.
CYN currently trades at $20.13, or 298.02% higher on the NasdaqCM.
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