Summary by Moomoo AI
Cyngn Inc., a developer of AI-powered autonomous driving software for industrial applications, announced on December 20, 2024, the pricing of a $20 million follow-on offering. The offering consists of 12,422,360 units priced at $1.61 per Common Unit or $1.6099 per Pre-Funded Unit, each including common stock or pre-funded warrants, and Series A and B warrants.The net proceeds of approximately $18.2 million will be used for working capital, general corporate purposes, and repayment of outstanding senior notes. The offering, expected to close on December 23, 2024, was placed by Aegis Capital Corp. Cyngn's Enterprise Autonomy Suite includes DriveMod, Cyngn Insight, and Cyngn Evolve, addressing labor shortages and safety challenges in industrial organizations.The Series A warrants have an exercise price of $2.0125 per share and expire 60 months after stockholder approval, while Series B warrants have the same exercise price and expire after 30 months. This offering aims to strengthen Cyngn's position in the autonomous vehicle technology market for industrial applications.