Cyngn (CYN) said Monday it closed a registered direct offering with a single institutional investor involving about 2.3 million shares of common stock and pre-funded warrants, priced at $7.50 per share, for gross proceeds of roughly $17.2 million.
The pre-funded warrants are immediately exercisable.
Cyngn said it plans to use the net proceeds for general corporate purposes and working capital.
Shares of Cyngn were down more than 17% in recent trading.
Price: 13.52, Change: -2.82, Percent Change: -17.24
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