$Cyngn (CYN.US)$ Cyngn Inc. is conducting a $20 million init...

$Cyngn (CYN.US)$ Cyngn Inc. is conducting a $20 million initial public offering, offering 3,076,006 units and 9,346,354 pre-financing units. Each unit consists of one common share, one A Series Warrant, and one B Series Warrant, priced at $1.61. The price of pre-financing units is $1.6099 each.
The A Series Warrants have a term of 5 years, and the B Series Warrants have a term of 2.5 years, both exercisable at a price of $2.0125 per share upon approval by shareholders. The offering includes an over-allotment option and is expected to close on December 23, 2024. Aegis Capital Corp. serves as the sole placement agent.
Cyngn plans to use the net proceeds (estimated at $18.2 million) for working capital, general corporate purposes, and to repay $4.375 million of senior notes. The company's common stock is listed on Nasdaq under the symbol "CYN", but the new securities will not be listed. The offering aims to strengthen Cyngn's financial position to develop autonomous driving technology for industrial applications.