Aegis Capital Corp. acted as Exclusive Placement Agent on a $3.5 Million Private Placement for Cyngn Inc. (NASDAQ: CYN)
Rhea-AI Summary
Cyngn Inc. (NASDAQ: CYN) has completed a $3.5 million private placement with Aegis Capital Corp. acting as the exclusive placement agent. The transaction represents a significant capital raising effort for the company through private investment channels.
Positive
- Secured $3.5 million in new capital funding
Negative
- Potential shareholder dilution from private placement
- Need for additional funding suggests possible cash constraints
News Market Reaction 1 Alert
On the day this news was published, CYN declined 1.26%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NEW YORK, NY / ACCESSWIRE / November 14, 2024 / Aegis Capital Corp. acted as Exclusive Placement Agent on a
About Cyngn Inc.
Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce. Cyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments.
For more information, visit https://www.cyngn.com/
About Aegis Capital Corporation
Aegis Capital Corporation ("Aegis") has been in the wealth management and investment banking business since 1984. Aegis is dedicated to providing corporate finance, strategic advisory and related services to public and private companies across multiple sectors and regions. Aegis also provides research, sales and trading services to institutional and retail investors. Aegis offers its investment representatives a conflict free service platform and is able to provide a full-range of products and services including investment banking, wealth management, insurance, retirement planning, structured products, private equity, alternatives, equity research, fixed income and special purpose vehicles.
For more information about this offering or Investment Banking Services please email Banking@aegiscap.com or call (212) 813-1010.
Brokerage and investment advisory services are offered through Aegis Capital Corporation, a member of FINRA and SIPC. Investment and insurance products offered are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and are subject to investment risks, including possible loss of the principal amount invested.
SOURCE: Aegis Capital Corp.
View the original press release on accesswire.com
FAQ
How much was Cyngn's (CYN) private placement worth in November 2024?
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