Cyngn sells 50M shares at 10c in public offering

Cyngn announced the pricing of its public offering made on a firm commitment basis with gross proceeds to the company expected to be approximately $5M. The offering consists of 50M shares of common stock and pre-funded warrants. Each share of common stock is being sold at a purchase price of 10c per share. The offering is expected to close on April 25. Aegis Capital is acting as sole bookrunner for the offering.