Cyngn announces closing of initial public offering
Cyngn (or the “Company”) (NASDAQ: CYN), a developer of innovative autonomous driving software solutions for industrial and commercial enterprises, today announced the closing of its initial public offering of 3,500,000 shares of common stock at a public offering price of $7.50. The gross proceeds of the offering were approximately $26.3 million before deducting underwriting discounts, commissions and offering expenses. In addition, the Company has granted Aegis Capital Corp. a 45-day option to purchase up to an additional 525,000 shares of common stock to cover over-allotments, if any, at the initial public offering price, less the underwriting discount.