Summary by Moomoo AI
On April 23, 2024, Cyngn Inc., a developer of AI-powered autonomous driving software for industrial applications, announced the pricing of a firm commitment public offering expected to generate approximately $5.0 million before fees and expenses. The offering, which is set to close on April 25, 2024, subject to customary closing conditions, includes 19,800,000 shares of common stock and pre-funded warrants to purchase up to 30,200,000 shares. The shares and pre-funded warrants are priced at $0.10 and $0.09999 respectively, with the warrants exercisable immediately at $0.00001 per share. Cyngn has agreed to pay Aegis Capital Corp., the underwriter, a cash fee of 7.0% of the gross proceeds and $75,000 for accountable expenses. Additionally, the company and its directors and officers have agreed to a 30-day lock-up period post-closing...Show More