Cyngn Announces Closing of $20 Million Private Placement Priced At-the-Market
April 29 2022 - 4:20PM
Business Wire
Cyngn (or the "Company") (NASDAQ: CYN), a developer of
innovative autonomous driving software solutions for industrial and
commercial applications, today closed its previously announced
private placement pursuant to a securities purchase agreement
entered into on April 28, 2022 with certain institutional and
accredited investors for aggregate gross proceeds of approximately
$20 million, before deducting fees to the placement agent and other
offering expenses payable by the Company.
In connection with the offering, the Company issued 6,451,613
units and pre-funded units at a purchase price of $3.10 per unit,
priced at-the-market under Nasdaq rules. The pre-funded units were
sold at the same price, less the pre-funded warrant exercise price
of $0.001. 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 warrants). The warrant has
a term equal to five years from the issuance date. No actual units
were issued in the offering.
Aegis Capital Corp. acted as the Exclusive Placement Agent in
connection with the offering.
Additional details regarding the offering will be available in a
Form 8-K to be filed by the Company with the U.S. Securities and
Exchange Commission (the "SEC").
The shares of common stock and warrants described above have not
been registered under the Securities Act of 1933, as amended, and
may not be offered or sold in the United States absent registration
with the Securities and Exchange Commission (SEC) or an applicable
exemption from such registration requirements. The securities were
offered only to accredited investors. Pursuant to a registration
rights agreement with the investors, the Company has agreed to file
one or more registration statements with the SEC covering the
resale of the shares of common stock and the shares issuable upon
exercise of the warrants.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, 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 is an autonomous vehicle technology company that is
focused on addressing industrial uses for autonomous vehicles.
Cyngn believes that technological innovation is needed to enable
adoption of autonomous industrial vehicles that will address the
substantial industry challenges that exist today. These challenges
include labor shortages, lagging technological advancements from
incumbents, and high upfront investment requirements. Cyngn
addresses these challenges with its Enterprise Autonomy Suite,
which includes DriveMod (modular industrial vehicle autonomous
driving software), Cyngn Insight (customer-facing software suite
for monitoring/managing AV fleets and aggregating/analyzing data),
and Cyngn Evolve (internal toolkit that enables Cyngn to leverage
data from the field for artificial intelligence, simulation, and
modeling).
To learn more, please visit https://cyngn.com/.
Cautionary Note Regarding 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.
Words such as "may", "could", "expects", "projects," "intends",
"plans", "believes", "predicts", "anticipates", "hopes",
"estimates" and variations of such words and similar expressions
are intended to identify forward-looking statements. These
statements involve known and unknown risks and are based upon
several assumptions and estimates, which are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the Company's control. Actual results (including the
anticipated benefits of the offering described herein) may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, the risk factors
described in the Company's filings with the SEC. The
forward-looking statements are applicable only as of the date on
which they are made, and the Company does not assume any obligation
to update any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220428006399/en/
Carolyne Sohn Vice President, The Equity Group
csohn@equityny.com (415) 568-2255
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