Autonomous vehicle technology company Cyngn Inc. has successfully closed a registered direct offering, raising approximately $9.65 million. The funding, priced at $1.93 per share, will be utilized for general corporate purposes and working capital, supporting the company’s ongoing development and deployment of its DriveMod technology.
Cyngn announced the completion of its registered direct offering, which involved the sale of approximately 5 million shares of common stock and pre-funded warrants. The transaction was priced at $1.93 per share for common stock and $1.92999 for pre-funded warrants. A significant portion of the offering, over 90%, was purchased by a single institutional investor, with the remainder acquired by a high-net-worth individual. The offering was conducted under Nasdaq rules and is expected to close on or about March 17, 2026.
The gross proceeds from the offering are expected to be around $9.65 million. Cyngn plans to allocate these funds towards general corporate purposes and working capital. This capital infusion comes at a time when the company is focused on expanding its autonomous vehicle solutions for industrial applications. Following the offering, Cyngn anticipates having 16,896,493 shares of common stock issued and outstanding, assuming the full exercise of all pre-funded warrants.
Cyngn specializes in developing and deploying autonomous vehicle technology for industrial sectors such as manufacturing and logistics. The company’s flagship DriveMod technology aims to enable self-driving capabilities without requiring substantial upfront costs or extensive infrastructure changes. DriveMod is currently available for Motrec MT-160 Tuggers and BYD Forklifts. The company has recently reported strong growth in orders for its DriveMod Tugger and increased autonomous operating time across customer facilities. Cyngn has also secured a commercial contract for its DriveMod Tugger at a WEG manufacturing facility and received a U.S. patent for its adaptive autonomous driving system.
Aegis Capital Corp. served as the exclusive placement agent for the offering. Kaufman & Canoles, P.C. acted as counsel for Cyngn, while Greenberg Traurig, P.A. provided legal counsel to Aegis Capital Corp. The offering was made under a shelf registration statement on Form S-3 previously filed with the U.S. Securities and Exchange Commission.