Cyngn (CYN) shares were up more than 22% in recent Monday trading after the company said it priced a $9 million direct offering.
The developer of autonomous driving software said certain institutional investors agreed to buy 15 million shares at $0.60 each. Cyngn said it may issue a pre-funded warrant in some cases instead of the shares.
The offering is expected to close Tuesday, Cyngn said, adding it will use the net proceeds for general corporate purposes and working capital.
Price: 0.77, Change: +0.14, Percent Change: +22.76
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