The company is using this capital injection to
expand its revenue teams. Bolstered Cyngn sales team added more
deals to its pipeline in October than in all of Q3.
MENLO
PARK, Calif., Oct. 26,
2023 /PRNewswire/ -- Cyngn Inc. (the "Company" or
"Cyngn") (Nasdaq: CYN), a developer of AI-powered autonomous
driving software solutions for industrial applications, today
announced that it has raised $1.3
million under its at-the-market (ATM) sales agreement
through sales of its common stock.
Since the commencement of the ATM program in July 2023, Cyngn has sold 1.94 million shares of
common stock at an average price of $0.66 per share, generating gross proceeds of
approximately $1.3 million. The
proceeds from the ATM sales have been used for general corporate
purposes, including investments in its commercial sales.
"We are pleased with the progress of our ATM program," said
Lior Tal, Chairman and Chief
Executive Officer of Cyngn. "The ATM program has allowed us
to raise capital in a cost-effective manner to support our growth
and make strategic hiring investments to our revenue teams.
We have seen incredible momentum in our sales activity recently.
For example, we've already added more deals to our pipeline this
month than in all of Q3. This injection of capital has helped us
expand our sales team and with it, our pipeline."
The ATM sales agreement was entered into with Virtu Americas
LLC, as the agent. Under the terms of the ATM sales
agreement, Cyngn can sell up to $8.77
million of common stock from time to time in the open market
at prevailing market prices. As of October 24, 2023, approximately $7.47 million remained available to the Company
for sales of its common stock under the ATM sales agreement.
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).
Find Cyngn on:
Website:
https://cyngn.com
Twitter: http://twitter.com/cyngn
LinkedIn: https://www.linkedin.com/company/cyngn
YouTube: https://www.youtube.com/@cyngnhq
Investor/Media Contact: Bill Ong,
bill@cyngn.com; 650-204-1551
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 SEC, including,
without limitation the risk factors discussed in the Company's
annual report on Form 10-K filed with the SEC on March 17, 2023. 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