Cyngn Inc. (CYN) has completed a registered direct offering with a single institutional investor, raising approximately $17.2 million through the sale of 2,293,333 shares of common stock and pre-funded warrants priced at $7.50 per share.
Net proceeds from the offering are expected to support general corporate activities and working capital.
CYN currently trades at $13.73 or 15.90% lower on the NasdaqCM.
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