$Cyngn Inc(CYN)$Cyngn (NASDAQ:CYN) shares are down 12% after the company announced the pricing of a private securities offering.The autonomous vehicle technology company entered into a securities purchase agreement with certain institutional and accredited investors to issue 6,451,613 units and pre-funded units at a purchase price of $3.10/unit, priced at-the-market under Nasdaq rules.
Cyngn Inc., an autonomous vehicle (AV) technology company, develops autonomous driving software. The company is developing Enterprise Autonomy Suite, which consists of DriveMod, a modular industrial vehicle autonomous driving software; Cyngn Insight, a customer-facing tool suite for monitoring and managing AV fleets and generating/aggregating/analyzing data; and Cyngn Evolve, an internal tool suite and infrastructure that facilitates artificial intelligence and machine learning training to enhance algorithms and models, and provides a simulation framework to ensure that data collected in the field can be applied to validating new releases. Cyngn Inc. was incorporated in 2013 and is headquartered in Menlo Park, California.