Sichenzia Ross Ference LLP Represents Cyngn Inc. in $20 Million Private Placement Offering
Press Release – New York, NY – May 2, 2022 – Sichenzia Ross Ference LLP today announced that it represented Cyngn Inc., a venture capital backed developer of innovative autonomous driving software solutions for industrial and commercial applications (NASDAQ: CYN), in a $20 million private placement. Previous shareholders of CYN include Benchmark Capital, Andreessen Horowitz and Qualcomm Ventures. The offering included 6,451,613 units and pre-funded units at a purchase price of $3.10 per unit, priced at-the-market under Nasdaq rules. Each unit and pre-funded unit consisted of one share of common stock or common stock equivalent, and one non-tradable warrant. The gross proceeds to the Company from the offering were approximately $20 million.
Sichenzia Ross Ference LLP also represented Cyngn Inc. in its $26.3 Million Initial Public Offering and Nasdaq Listing in October, 2021.
Aegis Capital Corp. acted as the Exclusive Placement Agent in connection with the offering.
The Sichenzia Ross Ference LLP team was led by partners Gregory Sichenzia, Marcelle Balcombe and Senior Paralegal Raquel Vasquez.
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