Cyngn prices $5M public offering of 33.3M shares/pre-funded warrants at $0.15

Cyngn Inc.

Gross proceeds of $5M from sale of 33,333,333 shares and pre-funded warrants at $0.15 per share or $0.14999 per warrant.
Pre-funded warrants immediately exercisable at $0.00001 per share and expire when fully exercised.
Aegis Capital Corp. receives 7.0% cash fee plus $50,000 in non-accountable expenses as placement agent.
Offering expected to close on or about December 12, 2023; net proceeds for working capital and general corporate purposes.
75-day lock-up restricts the company and its directors/officers from selling additional securities.

item 1.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Cyngn Inc. entered into Placement Agent Agreement with Aegis Capital Corp. valued at $5 million (effective 2023-12-08).

Action: entry
Agreement: underwriting
Counterparty: Aegis Capital Corp.
Value: $5 million
Effective: 2023-12-08

Exact text from the filing

On December 8, 2023, Cyngn Inc. (the “Company”) entered into a Placement Agent Agreement (the “PA Agreement”) with Aegis Capital Corp. (“ Aegis ”), pursuant to which Aegis acted as the Company’s placement agent, on a reasonable best efforts basis, in connection with the sale by the Company of an aggregate of 11,466,733 shares of common stock (the “Shares”) and pre-funded warrants to purchase up to 21,866,600 shares of common stock (the “Pre-funded Warrants”), in a public offering at a purchase price of $0.15 per Share or $0.14999 per Pre-Funded Warrant.

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Cyngn Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-094816

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