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.