Cyngn Inc. Announces Pricing of $9.0 Million Registered Direct Offering Priced At-The-Market

Core Viewpoint - Cyngn Inc. has announced a registered direct offering of 15 million shares of common stock at a price of $0.60 per share, aiming to raise approximately $9.0 million for general corporate purposes and working capital [3][9]. Company Overview - Cyngn develops and deploys scalable autonomous vehicle technology tailored for industrial organizations, addressing challenges such as labor shortages and safety incidents [5]. - The company's flagship product, the Enterprise Autonomy Suite, includes DriveMod, Cyngn Insight, and Cyngn Evolve, which enhance productivity and efficiency in industrial settings [6]. Offering Details - The transaction is expected to close around December 31, 2024, pending customary closing conditions [3]. - The offering is conducted under an effective shelf registration statement previously filed with the SEC [10].