Cyngn Inc (CYN) Prices 6.45M Share Offering at $3.10/sh

Cyngn (NASDAQ: CYN) today announced that it entered into a securities purchase agreement with certain institutional and accredited investors for aggregate gross proceeds of $20 million, before deducting fees to the placement agent and other offering expenses payable by the Company.

In connection with the offering, the Company will issue 6,451,613 units and pre-funded units at a purchase price of $3.10 per unit, priced at-the-market under Nasdaq rules. Each unit and pre-funded unit consist of one share of common stock or common stock equivalent, and one non-tradable warrant exercisable for one share of common stock for $2.98 (for a total of 6,451,613 shares underlying the warrant). The warrant has a term equal to five years from the issuance date. No actual units will be issued in the offering. Assuming the exercise in full of any pre-funded warrants and none of the non-tradable warrants, the Company will have 33,556,043 shares of common stock issued and outstanding at completion of the offering.

The offering is expected to close on or about April 29, 2022, subject to the satisfaction of customary closing conditions.

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