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Sichenzia Ross Ference Carmel LLP Represents Cyngn Inc. in $5.0 Million Public Offering

Press Release – New York, NY – December 12th, 2023 – Sichenzia Ross Ference Carmel LLP announced today that it represented Cyngn Inc. (the “Company” or “Cyngn”) (NASDAQ: CYN). Today, it announced the closing of its common stock public offering, with gross proceeds of approximately $5.0 million, before deducting placement agent fees and other expenses.

The offering consisted of 33,333,333 shares of common stock and pre-funded warrants. Each share of common stock (or pre-funded warrant in lieu thereof) was sold at a purchase price of $0.15 per share (or $0.14999 per pre-funded warrant after reducing $0.00001 attributable to the exercise price of the pre-funded warrants).

Cyngn, a developer of AI-powered autonomous driving software solutions for industrial applications, expects to use the net proceeds from the offering for general corporate purposes, including working capital.

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).

Aegis Capital Corp. acted as the exclusive placement agent for the offering.

The Sichenzia Ross Ference Carmel LLP team was led by partners Gregory Sichenzia and Marcelle Balcombe. and paralegal Raquel Vazquez.

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Sichenzia Ross Ference Carmel LLP