FX.co ★ Cyngn Announces Pricing Of $20 Mln Follow On Offering, Stock Plummets

Cyngn Inc. (CYN) announced on Friday the pricing of its follow-on public offering, which includes approximately 12.4 million common and pre-funded units, each priced at $1.61 per unit. This initiative is projected to generate about $20 million in revenue. The company plans to allocate the funds, alongside existing cash reserves, towards working capital and general corporate purposes, which encompass the repayment of outstanding senior notes. The offering is anticipated to finalize on or around December 23. At present, Cyngn's stock is trading on the Nasdaq at $0.40, marking a decline of 75.07%.