Cyngn Inc. Announces $15 Million Registered Direct Offering
Cyngn (NASDAQ: CYN) has announced a $15 million registered direct offering with a single institutional investor. The offering includes 2,994,012 shares of Common Stock and pre-funded warrants at $5.01 per share. Pre-funded warrants are priced at $5.00999 with an exercise price of $0.00001.
The transaction is expected to close on June 27, 2025. The company plans to use the proceeds for general corporate purposes and working capital. Aegis Capital Corp. is serving as the exclusive placement agent for this offering.
Cyngn (NASDAQ: CYN) ha annunciato un offerta diretta registrata da 15 milioni di dollari con un unico investitore istituzionale. L'offerta comprende 2.994.012 azioni di azioni ordinarie e warrant pre-finanziati a 5,01 dollari per azione. I warrant pre-finanziati sono valutati a 5,00999 dollari con un prezzo di esercizio di 0,00001 dollari.
La transazione dovrebbe concludersi entro il 27 giugno 2025. L'azienda prevede di utilizzare i proventi per scopi societari generali e capitale circolante. Aegis Capital Corp. agisce come agente di collocamento esclusivo per questa offerta.
Cyngn (NASDAQ: CYN) ha anunciado una oferta directa registrada de 15 millones de dólares con un único inversor institucional. La oferta incluye 2.994.012 acciones ordinarias y warrants prefinanciados a 5,01 dólares por acción. Los warrants prefinanciados tienen un precio de 5,00999 dólares con un precio de ejercicio de 0,00001 dólares.
Se espera que la transacción se cierre el 27 de junio de 2025. La compañía planea usar los fondos para fines corporativos generales y capital de trabajo. Aegis Capital Corp. actúa como agente de colocación exclusivo para esta oferta.
Cyngn (NASDAQ: CYN)은 단일 기관 투자자와 함께하는 1,500만 달러 규모의 등록 직접 공모를 발표했습니다. 이번 공모에는 2,994,012주의 보통주와 주당 5.01달러의 선행 인수권부 워런트가 포함되어 있습니다. 선행 인수권부 워런트는 5.00999달러에 가격이 책정되었으며 행사가격은 0.00001달러입니다.
거래는 2025년 6월 27일에 마감될 예정입니다. 회사는 수익금을 일반 기업 목적 및 운전자본으로 사용할 계획입니다. Aegis Capital Corp.가 이번 공모의 독점 배정 대리인으로 활동합니다.
Cyngn (NASDAQ : CYN) a annoncé une offre directe enregistrée de 15 millions de dollars avec un seul investisseur institutionnel. L'offre comprend 2 994 012 actions ordinaires et des bons de souscription préfinancés à 5,01 dollars par action. Les bons de souscription préfinancés sont évalués à 5,00999 dollars avec un prix d'exercice de 0,00001 dollar.
La transaction devrait être finalisée le 27 juin 2025. La société prévoit d'utiliser les fonds pour des besoins généraux d'entreprise et du fonds de roulement. Aegis Capital Corp. agit en tant qu'agent de placement exclusif pour cette offre.
Cyngn (NASDAQ: CYN) hat eine registrierte Direktplatzierung über 15 Millionen US-Dollar mit einem einzelnen institutionellen Investor angekündigt. Das Angebot umfasst 2.994.012 Aktien Stammaktien und vorfinanzierte Optionsscheine zu 5,01 US-Dollar pro Aktie. Die vorfinanzierten Optionsscheine sind zu 5,00999 US-Dollar mit einem Ausübungspreis von 0,00001 US-Dollar bewertet.
Der Abschluss der Transaktion wird für den 27. Juni 2025 erwartet. Das Unternehmen plant, die Erlöse für allgemeine Unternehmenszwecke und Betriebskapital zu verwenden. Aegis Capital Corp. fungiert als exklusiver Platzierungsagent für dieses Angebot.
- None.
- Potential dilution for existing shareholders
- Offering price may impact stock market value
Insights
Cyngn's $15M capital raise provides short-term financial cushion but signals potential cash flow concerns and shareholder dilution.
Cyngn's
This type of financing typically indicates a company needing immediate capital to fund operations. The fact that Cyngn specified using proceeds for "general corporate purposes and working capital" rather than specific growth initiatives suggests this may be primarily addressing cash burn concerns. This financing approach - using pre-funded warrants alongside direct shares - is often employed when companies want to avoid triggering certain ownership thresholds or when investors seek flexibility in their position building.
For existing shareholders, this offering creates immediate dilution as the company is issuing 2,994,012 new shares (or equivalent in warrants). Pricing at
The choice of a registered direct offering (versus alternatives like a convertible note or PIPE) suggests Cyngn wanted a relatively quick capital raise while still using its existing shelf registration. The involvement of a single institutional investor rather than broader market participation could indicate limited investor appetite or a strategic relationship with this particular institution.
The offering consisted of the sale of 2,994,012 shares of Common Stock (or Pre-Funded Warrants. The public offering price per share of Common Stock is
Aggregate gross proceeds to the Company are expected to be approximately
Aegis Capital Corp. is acting as exclusive placement agent for the offering. Sichenzia Ross Ference Carmel LLP is acting as counsel to the Company. Kaufman & Canoles, P.C. is acting as counsel to Aegis Capital Corp.
The registered direct offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-271567) previously filed with the
Interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Cyngn
Cyngn develops and deploys autonomous vehicle technology for industrial organizations like manufacturers and logistics companies. The Company addresses significant challenges facing industrial organizations today, such as labor shortages and costly safety incidents.
Cyngn's DriveMod technology empowers customers to seamlessly bring self-driving technology to their operations without high upfront costs or infrastructure installations. DriveMod is currently available on Motrec MT-160 Tuggers and BYD Forklifts.
The DriveMod Tugger hauls up to 12,000 lbs, travels inside and out, and targets a typical payback period of less than 2 years. The DriveMod Forklift lifts heavy loads that use non-standard pallets and is currently available to select customers. For all terms referenced within, please refer to the Company's annual report on Form 10-K with the SEC filed on March 6, 2025.
Investor Contact:
Natalie Russell, Interim CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com
Where to Find Cyngn:
- Website: https://cyngn.com
- X: https://x.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the Securities and Exchange Commission (SEC), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 6, 2025. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
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SOURCE Cyngn
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