Cyngn raises $3.5M via 20% OID notes and 405K shares; cuts staff 25% to conserve cash

Cyngn Inc.

Issued $4.375M principal in senior notes at 20% original issue discount; gross proceeds $3.5M.
Issued 405,125 common shares to note purchasers; notes mature in 90 days or upon subsequent qualifying financing.
Cost reduction plan: reduce staff from ~80 to ~60, cut monthly cash burn from $1.8M to ~$1M for 90 days.
Company states it 'will need to raise additional capital imminently'; signed non-binding engagement with Aegis Capital.
Proceeds used for working capital; $1M held in escrow, released upon filing/effectiveness of resale registration.

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