Sichenzia Ross Ference LLP Represents Cyngn Inc. in $20 Million Private Placement Offering

Press Release – New York, NY – May 2, 2022 – Sichenzia Ross Ference LLP today announced that it represented Cyngn Inc., a venture capital backed developer of innovative autonomous driving software solutions for industrial and commercial applications (NASDAQ: CYN), in a $20 million private placement. Previous shareholders of CYN include Benchmark Capital, Andreessen Horowitz and Qualcomm Ventures. The offering included 6,451,613 units and pre-funded units at a purchase price of $3.10 per unit, priced at-the-market under Nasdaq rules. Each unit and pre-funded unit consisted of one share of common stock or common stock equivalent, and one non-tradable warrant. The gross proceeds to the Company from the offering were approximately $20 million.

Sichenzia Ross Ference LLP also represented Cyngn Inc. in its $26.3 Million Initial Public Offering and Nasdaq Listing in October, 2021.

Aegis Capital Corp. acted as the Exclusive Placement Agent in connection with the offering.

The Sichenzia Ross Ference LLP team was led by partners Gregory Sichenzia, Marcelle Balcombe and Senior Paralegal Raquel Vasquez.

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Sichenzia Ross Ference Carmel LLP is a full service law firm with a nationally recognized corporate, securities and litigation practice that provides experienced representation in all matters involving the securities industry. In addition to handling routine to complex commercial matters, SRFC’s renowned litigation department specializes in defending companies and individuals against all types of securities cases, including class action lawsuits, shareholder derivative actions, and matters involving allegations of fraud, misrepresentation or other securities violations. The litigation team has also brought defamation lawsuits against companies and individuals related to market manipulation. Additionally, it represents individuals and companies in investigations by the Securities and Exchange Commission (SEC) and other regulatory bodies. The litigation team has a robust practice representing brokers and broker-dealers in arbitrations before the Financial Industry Regulatory Authority (FINRA). These arbitrations typically involve claims of unsuitability, churning, unauthorized trading and other allegations of broker misconduct. Finally, SRF has a burgeoning expungement practice, where it represents brokers seeking to have negative and harmful customer complaints removed from their industry records. The firm complements its core practice areas with an established commercial real estate and trusts and estates practice.

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Sichenzia Ross Ference LLP Represents Cyngn Inc. in $20 Million Private Placement Offering

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