Cyngn (NASDAQ: CYN) announced the closing of its previously announced registered direct offering, raising approximately $9.65 million in gross proceeds through the sale of 5,000,000 shares of common stock and pre-funded warrants at $1.93 per share, with the majority of the offering purchased by a single institutional investor. The transaction was priced at the market under Nasdaq rules and closed on March 17, 2026, with proceeds expected to support general corporate purposes and working capital. Aegis Capital Corp. acted as exclusive placement agent.
To view the full press release, visit https://nnw.fm/ihUj4
About Cyngn
Cyngn develops and deploys autonomous vehicle technology for industrial organizations like manufacturers and logistics companies. The Company addresses significant challenges facing industrial organizations today, such as labor shortages and costly safety incidents.
Cyngn’s DriveMod technology empowers customers to seamlessly bring self-driving technology to their operations without high upfront costs or infrastructure installations. DriveMod is currently available on Motrec MT-160 Tuggers and BYD Forklifts.
The DriveMod Tugger hauls up to 12,000 lbs, travels inside and out, and targets a typical payback period of less than 2 years. The DriveMod Forklift lifts heavy loads that use non-standard pallets and is currently available to select customers.
For more information on the Company, please visit https://www.cyngn.com/
About NetworkNewsWire
NetworkNewsWire (“NNW”) is a specialized communications platform with a focus on financial news and content distribution for private and public companies and the investment community. It is one of 75+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled recognition and brand awareness. NNW is where breaking news, insightful content and actionable information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.NetworkNewsWire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: https://www.NetworkNewsWire.com/Disclaimer
NetworkNewsWire
Austin, Texas
www.NetworkNewsWire.com
512.354.7000 Office
[email protected]
NetworkNewsWire is powered by IBN
