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
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments