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Cyngn Inc. Announces Closing of $17.2 Million Registered Direct Offering
Prnewswire· 2025-06-30 14:26
Core Viewpoint - Cyngn Inc. has successfully closed a registered direct offering, raising approximately $17.2 million through the sale of shares and pre-funded warrants at a price of $7.50 per share [1][3]. Group 1: Offering Details - The offering included the sale of 2,293,333 shares of Common Stock or Pre-Funded Warrants, with the public offering price set at $7.50 per share [2]. - The Pre-Funded Warrants are immediately exercisable and can be exercised at any time until fully exercised [2]. - The transaction closed on June 30, 2025, and the net proceeds will be used for general corporate purposes and working capital [3]. Group 2: Regulatory and Legal Aspects - The offering was conducted under an effective shelf registration statement on Form S-3, which was filed with the SEC and declared effective on June 13, 2023 [4]. - Aegis Capital Corp. served as the exclusive placement agent for the offering, while Sichenzia Ross Ference Carmel LLP and Kaufman & Canoles, P.C. acted as legal counsel for the company and Aegis Capital Corp., respectively [3]. Group 3: Company Overview - Cyngn develops autonomous vehicle technology aimed at addressing challenges faced by industrial organizations, such as labor shortages and safety incidents [7]. - The company's DriveMod technology allows customers to integrate self-driving technology into their operations without significant upfront costs or infrastructure changes [8]. - DriveMod is currently available on specific models like Motrec MT-160 Tuggers and BYD Forklifts, with the Tugger capable of hauling up to 12,000 lbs and a typical payback period of less than 2 years [9].
Autonomous Tesla Delivery | Long Version
Tesla· 2025-06-28 14:16
Full drive in 1x speed This Tesla drove itself from Gigafactory Texas to its new owner's home ~30min away — crossing parking lots, highways & the city to reach it's new owner. The first autonomous vehicle delivery of it's kind in the world. Learn more – https://www.tesla.com/fsd ...
X @Elon Musk
Elon Musk· 2025-06-28 14:10
RT Chuck Cook (@chazman)This is so impressive to watch. This @Tesla autonomous vehicle delivery has it all. Highways, City Streets, pedestrians, neighborhoods etc. It just works.The video states this was delivered with Robotaxi software that was replaced with FSD Supervised after delivery. I'm not sure what all the differences are, but this vehicle is not a Robotaxi like I drove last weekend.The hatchback didn't have the extra cover most likely covering communications/telemetry equipment. Additionally, the ...
World's First Autonomous Delivery of a Car | Tesla
Tesla· 2025-06-28 04:48
This Tesla drove itself from Gigafactory Texas to its new owner's home ~30min away — crossing parking lots, highways & the city to reach it's new owner. The first autonomous vehicle delivery of it's kind in the world. Learn more – https://www.tesla.com/fsd ...
Autonomous Industrial Vehicle Firm Cyngn Stock Soars on Nvidia Deal
Investopedia· 2025-06-27 16:42
Group 1 - Cyngn's shares surged for the second consecutive day following the announcement of a collaboration with Nvidia [1][3] - The partnership will utilize Nvidia's Isaac robotics platform to enhance the development of self-driving industrial vehicles in real-world environments [2][3] - Cyngn's CEO emphasized that the collaboration aligns with the company's mission to create advanced autonomous vehicles that provide real-world return on investment for industrial operators [2] Group 2 - The company is selling nearly 3 million shares and pre-funded warrants at $5.01 each to a single institutional investor, which was the closing price before the stock's significant rise [2][3] - Following the news, Cyngn's stock price increased by 171% and continued to rise by an additional 60% to reach $21.80 [2][3] - The funds raised from the stock sale will be used for general corporate purposes and working capital [3]
We Went To Austin For Tesla's Robotaxi Launch. Here's What Happened
CNBC· 2025-06-27 16:02
So we're here in Austin, Texas. We came down here for the Tesla robotaxi rollout . It started on Sunday. Are you going to have full autonomous on the roads of Austin at the end by the end of June.Yes. This is not the widespread rollout of Tesla Cybercabs or robotaxis that investors, customers and fans have been promised. That said, there are a lot of people who really do believe in this company and do believe in Elon Musk and think it's just a matter of time.Here it is. It found me. It came right here.Perfe ...
Uber Eyes Pony.ai Acquisition: Autonomous Vehicle Stocks Heat Up
ZACKS· 2025-06-27 15:31
Core Insights - Uber Technologies is in early discussions to acquire the US subsidiary of Pony.ai, a move aimed at strengthening its position in the autonomous vehicle market amid increasing competition from Waymo and Tesla [1][2] - The acquisition could enhance Uber's foothold in self-driving technology, complementing its existing distribution model and potentially leading to superior profit margins [2][4][5] Company Positioning - Uber operates an asset-light platform model, which allows it to control the customer interface and core routing technology without the need for vehicle ownership, providing a structural advantage over competitors [4][5] - The company has transitioned from operating at a loss to becoming profitable, generating substantial cash flow, and currently trades at a reasonable 31x forward earnings [6][8] Financial Performance - Analysts project Uber's earnings to grow at an annual rate of 27.2% over the next three to five years, driven by strong performance across various business segments, including ride-hailing and food delivery [9] - The company has a diversified revenue base, which includes growing operations in freight and logistics, providing multiple long-term growth opportunities [9] Investment Opportunity - For investors seeking exposure to the autonomous vehicle sector, Uber is positioned as a compelling opportunity due to its asset-light model, increasing profitability, and potential acquisition of Pony.ai [10][12] - While Alphabet's Waymo and Tesla are also notable players in the autonomous vehicle space, Uber's combination of scale and capital efficiency makes it a more attractive investment option [11][12]
Cyngn Inc. Announces the Closing of $15 Million Registered Direct Offering
Prnewswire· 2025-06-27 13:19
MOUNTAIN VIEW, Calif., June 27, 2025 /PRNewswire/ -- Cyngn Inc. (NASDAQ: CYN) today announced the closing of a registered direct offering with a single institutional investor for the purchase and sale of approximately $15.0 million of shares of Common Stock and pre-funded warrants at a price of $5.01 per share of Common Stock.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 was $5.01 (or $5.00999 for each Pre- ...
Micron Earnings Soar, But Weak PC And Phone Demand Keep It Grounded
Benzinga· 2025-06-26 17:46
Muted PC and phone demand continues to weigh on memory chip pricing, prompting Bank of America Securities to maintain a Neutral rating on Micron Technology MU, even as the company posts blowout earnings and bullish guidance.Analyst Vivek Arya maintained Micron Technology with a Neutral and raised the price target from $84 to $140 on Thursday.Micron reported third-quarter revenue of $9.3 billion, up roughly 16%, topping the consensus estimate of $8.87 billion. The company reported third-quarter adjusted earn ...
Cyngn Inc. Announces $15 Million Registered Direct Offering
Prnewswire· 2025-06-26 15:43
Core Viewpoint - Cyngn Inc. has announced a registered direct offering of approximately $15.0 million in shares of Common Stock and pre-funded warrants at a price of $5.01 per share, aimed at raising capital for general corporate purposes and working capital [1][3]. Group 1: Offering Details - The offering includes the sale of 2,994,012 shares of Common Stock or Pre-Funded Warrants, with the public offering price set at $5.01 per share [2]. - The Pre-Funded Warrants are immediately exercisable and can be exercised at any time until fully exercised, with a minimal exercise price of $0.00001 [2]. - The transaction is expected to close on or about June 27, 2025, pending customary closing conditions [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for general corporate purposes and working capital [3]. Group 3: Company Background - Cyngn develops and deploys autonomous vehicle technology tailored for industrial organizations, addressing challenges such as labor shortages and safety incidents [8]. - The company's DriveMod technology allows customers to integrate self-driving technology into their operations without significant upfront costs or infrastructure changes [9]. - DriveMod products include the Tugger, which can haul up to 12,000 lbs, and the Forklift, designed for non-standard pallets, with a typical payback period of less than 2 years [10].