Sichenzia Ross Ference LLP Represents VC-backed Cyngn, Inc. in $26.3 Million Initial Public Offering
Press Release – New York, NY – October 25, 2021 – Sichenzia Ross Ference LLP announced today that it represented Cyngn, Inc., (NASDAQ: CYN) a venture capital backed developer of innovative autonomous driving software solutions for industrial and commercial enterprises, in its initial public offering. The offering consisted of 3,500,000 shares of its common stock at a public offering price of $7.50 per share, for gross proceeds of $26,300,000. Previous shareholders of CYN include Benchmark Capital, Andreessen Horowitz and Qualcomm Ventures.
The Company has granted the underwriters a 45-day option to purchase up to an additional 525,000 shares of common stock to cover over-allotments at the initial public offering price, less the underwriting discount.
The Sichenzia Ross Ference LLP team was led by partners Gregory Sichenzia, Marcelle Balcombe, and Jeff Cahlon, and associate Zach Weiss.
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