Cyngn Inc. announces the price of a $9.0 million registered direct offering at market price from Investing.com

MENLO PARK, CA., December 30, 2024 /PRNewswire/ — Cyngn Inc. (“Company” or “Cyngn“) (Nasdaq: CYN), a developer of artificial intelligence-powered autonomous driving software solutions for industrial applications, today announced that it has entered into definitive agreements in a registered direct offering with certain institutional investors to purchase and sell 15,000,000 shares of common stock and/or of pre-funded warrants for the acquisition of ordinary shares in a registered direct offering of each share $0.60 (or $0.5999 for each pre-funded order, which is equal to the public offering price per share to be sold in the offering minus an exercise price of $0.0001 per pre-funded order).

It is expected that the total gross revenue of the Company will amount to approx 9.0 million dollars. The transaction is expected to close on or about December 31, 2024 provided the customary closing conditions are satisfied. The Company expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital.

Aegis Capital Corp. is acting as the exclusive placement agent for the offering. Sichenzia Ross Ference Carmel LLP is acting as advisor to the Company. Kaufman & Canoles, PC acts as an advisor Aegis Capital Corp.

The registered direct offer is made in accordance with the effective policy registration statement on form S-3, as amended (file no. 333-271567), previously filed in United States Securities and Exchange Commission (“SEC“), which was declared effective by SEC on June 13, 2023. The final prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed in the SEC and will be available at The SECs website located at www.sec.gov/edgar. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, by contacting us Aegis Capital Corp.attention: Trade union department, 1345 Avenue of the Americas27th floor, New York, NY 10105, by email at syndicate@aegiscap.com or by phone at +1 (212) 813-1010.

Interested parties should read the addendum to the prospectus and the accompanying prospectus and other documents submitted by the Company in their entirety SEC which are incorporated by reference in such prospectus supplement and accompanying prospectus, which provide more information about the Company and such offering.

This press release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Cyngn

Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn’s self-driving solutions enable the existing workforce to increase productivity and efficiency. The company addresses significant challenges facing today’s industrial organizations, such as labor shortages, costly security incidents and increased consumer demand for e-commerce.

Cyngn’s The DriveMod Kit can be installed on new industrial vehicles at the end of the line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments.

Cyngn’s flagship product, its Enterprise Autonomy Suite, includes DriveMod (an autonomous vehicle system), Cyngn Insight (a user-friendly suite of AV fleet management, teleoperation and analytics tools) and Cyngn Evolve (an internal tool that enables Cyngn use data from the field for artificial intelligence, simulation and modeling).

Forward-looking statements

The above material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company’s product development and business prospects, and may be identified by the use of words such as “may”, “will” , “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue,” or negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could materially affect current plans. If one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may differ materially from those anticipated, believed, estimated, anticipated, planned or projected. Although the Company believes that the expectations expressed in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance or achievements. Unless required by applicable law, including safety laws United StatesThe Company does not intend to update any forward-looking statements to conform these statements to actual results.

Contact for investors:Donald Alvarezfinancial director
investors@cyngn.com

Media contact:Luke Rennermarketing manager
media@cyngn.com