Cyngn Inc. (CYN) has entered into definitive agreements with a single institutional investor for a registered direct offering totaling approximately $17.2 million.
The offering includes 2,293,333 shares of common stock or pre-funded warrants, priced at $7.50 per share - $7.49999 per warrant with a nominal exercise price. The pre-funded warrants are immediately exercisable and reduce the share count on a one-for-one basis.
The offering is set to close around June 30, 2025, pending standard closing conditions. Aegis Capital Corp. is acting as the exclusive placement agent. Net proceeds will be used for working capital and general corporate needs.
CYN currently trades at $18.61, or 36.84% higher on the NasdaqCM.
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