Cyngn closes $20M follow-on offering; net proceeds ~$18.2M for working capital and debt repayment

Cyngn Inc.

Gross proceeds ~$20M from 12.4M units (shares/pre-funded warrants + Series A/B warrants) at $1.61 per unit.
Net proceeds ~$18.2M after placement agent fees and offering expenses.
Series A warrants exercisable at $2.0125 upon stockholder approval, 5-year term; Series B warrants 2.5-year term.
Proceeds to be used for working capital, general corporate purposes, and repayment of outstanding senior notes.
Offering closed December 23, 2024; Aegis Capital Corp. acted as placement agent.

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