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PARK, Calif., Feb. 12,
2025 /PRNewswire/ -- Today, Cyngn Inc. (NASDAQ: CYN)
announced that all outstanding Series B cashless warrants have been
fully exercised. These warrants were originally issued in
connection with a public offering that closed on December 23, 2024. As part of that transaction,
the Company entered into a securities purchase agreement (the
"Purchase Agreement") for the sale of 3,076,006 shares of its
common stock, par value $0.00001 per
share ("Common Stock"), and 9,346,354 Pre-Funded Warrants to
purchase shares of Common Stock (the "Pre-Funded Warrants") in lieu
of shares of Common Stock. Under the Purchase Agreement, Cyngn also
issued Series A Warrants (the "Series A Warrants") and Series B
Warrants (the "Series B Warrants").
On January 30, 2025 at a special
meeting of stockholders, Cyngn's stockholders approved a proposal
to authorize, in compliance with Nasdaq listing rule 5635(d), the
issuance of both the Series A and Series B Warrants, the shares of
Common Stock underlying those Warrants, and certain provisions of
the Warrants. After the stockholders' approval, the Series A
Warrants and Series B Warrants exercise price was adjusted to
$0.322 and the number of shares
underlying the Warrants increased to up to 77,639,749 shares of
Common Stock. The Series B Warrants also included an
alternative cashless exercise provision which resulted in an
increase in the number of shares issuable under the Series B
Warrants to an aggregate of up to approximately 232,919,249 shares.
Ten institutional investors previously held all of the Series B
Warrants. As of February 11, 2025,
the last of these Series B Warrants were exercised and eliminated
from Cyngn's capital structure. Upon completion of the exercises of
the Series B Warrants, the company had 262,773,516 shares of common
stock outstanding.
About Cyngn
Cyngn develops and deploys scalable, differentiated autonomous
vehicle technology for industrial organizations. Cyngn's
self-driving solutions allow existing workforces to increase
productivity and efficiency. The Company addresses significant
challenges facing industrial organizations today, such as labor
shortages, costly safety incidents, and increased consumer demand
for eCommerce.
Cyngn's DriveMod Kit can be installed on new industrial vehicles
at end of line or via retrofit, empowering customers to seamlessly
adopt self-driving technology into their operations without high
upfront costs or the need to completely replace existing vehicle
investments.
Cyngn's flagship product, its Enterprise Autonomy Suite,
includes DriveMod (autonomous vehicle system), Cyngn Insight
(customer-facing suite of AV fleet management, teleoperation, and
analytics tools), and Cyngn Evolve (internal toolkit that enables
Cyngn to leverage data from the field for artificial intelligence,
simulation, and modeling). For all terms referenced within, please
refer to the Company's annual report on Form 10-K with the SEC
filed on March 7, 2024.
Where to find Cyngn:
- Website: https://cyngn.com
- X: https://x.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
Investor Contact:
Donald Alvarez, CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Any
statement that is not historical in nature is a forward-looking
statement and may be identified by the use of words and phrases
such as "expects," "anticipates," "believes," "will," "will likely
result," "will continue," "plans to," "potential," "promising," and
similar expressions. These statements are based on management's
current expectations and beliefs and are subject to a number of
risks, uncertainties and assumptions that could cause actual
results to differ materially from those described in the
forward-looking statements, including the risk factors described
from time to time in the Company's reports to the Securities and
Exchange Commission (SEC), including, without limitation the risk
factors discussed in the Company's annual report on Form 10-K filed
with the SEC on March 7, 2024.
Readers are cautioned that it is not possible to predict or
identify all the risks, uncertainties and other factors that may
affect future results. No forward-looking statement can be
guaranteed, and actual results may differ materially from those
projected. Cyngn undertakes no obligation to publicly update
any forward-looking statement, whether as a result of new
information, future events, or otherwise.
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SOURCE Cyngn
