Nvidia-Backed Stock Cyngn Soars 22% as It Relocates to Larger Facility to Boost Product Development and Sales

Reuters

07-02

Nvidia-Backed Stock Cyngn rose 22% on Wednesday.

Cyngn has announced its relocation to a new, larger headquarters in Mountain View, California. This move aims to support the company's product development and increase on-site selling activities by providing expanded test and demonstration areas. The relocation is part of Cyngn's strategy to meet growing demand for its autonomous DriveMod vehicles, which are deployed across various industries.

Furthermore, Cyngn 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.

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