Back to Press Releases

Cyngn Raises $1.3 Million In Common Stock Only, Under Its ATM Sales Agreement

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.

Cyngn |

MENLO PARK, Calif., October 26, 2023. – 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 autonomous vehicle technology for industrial organizations like manufacturers and logistics companies. The Company addresses significant challenges facing industrial organizations today, such as labor shortages and costly safety incidents.

Cyngn's DriveMod technology empowers customers to seamlessly bring self-driving technology to their operations without high upfront costs or infrastructure installations. DriveMod is currently available on Motrec MT-160 Tuggers and BYD Forklifts.

The DriveMod Tugger hauls up to 12,000 lbs, travels inside and out, and targets a typical payback period of less than 2 years. The DriveMod Forklift lifts heavy loads that use non-standard pallets and is currently available to select customers. For all terms referenced within, please refer to the Company's annual report on Form 10-K with the SEC filed on March 6, 2025.

Investor Contact

Media Contact

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 Securities and Exchange Commission (SEC), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 6, 2025. 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.

Similar posts