Benzinga | Oct 19, 2021 05:34PM EDT

Cyngn Announces Pricing Of 3.5M Shares Common Stock Offering

Cyngn (or the "Company"), a developer of innovative autonomous driving software solutions for industrial and commercial enterprises, today announced the pricing of its initial public offering of 3,500,000 shares of common stock at a public offering price of $7.50. The gross proceeds of the offering are expected to be approximately $26.3 million before deducting underwriting discounts, commissions and offering expenses. The offering is expected to close on October 22, 2021, subject to satisfaction of customary closing conditions.

In addition, the Company has granted Aegis Capital Corp. a 45-day option to purchase up to 525,000 additional shares of common stock at the public offering price to cover over-allotments, if any. If this option is exercised in full, the gross proceeds of the offering would be approximately $30.2 million before deducting underwriting discounts, commissions and offering expenses. The common stock is expected to begin trading on The Nasdaq Capital Market on October 20, 2021, under the symbol "CYN."