Cyngn enters ATM equity sales facility for up to $8.77M common stock

Cyngn Inc.

ATM Sales Agreement with Virtu Americas LLC for up to $8,773,970 of common stock in at-the-market offerings.
Agent receives commission of up to 3.0% of gross proceeds from any shares sold.
Shares to be issued under shelf registration statement on Form S-3 filed May 31, 2023.
Company not obligated to sell any shares; no guarantee of timing, price, or amount.
Either party may terminate the agreement per its terms.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Cyngn Inc. entered into ATM Sales Agreement with Virtu Americas LLC valued at Up to $8,773,970 aggregate offering price of common stock (effective 2023-05-31).

Action: entry
Agreement: atm program
Counterparty: Virtu Americas LLC
Value: Up to $8,773,970 aggregate offering price of common stock
Effective: 2023-05-31

Exact text from the filing

On May 31, 2023, Cyngn Inc. (the “Company”) entered into an ATM Sales Agreement (the “Sales Agreement”) with Virtu Americas LLC (the “Agent”), under which the Company may, from time to time, sell shares of the Company’s common stock having an aggregate offering price of up to $8,773,970 in “at the market” offerings through or to the Agent, as sales agent or principal.

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Source: SEC EDGAR

accession 0001213900-23-044520

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