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Cyngn Completes Exercise of Series B Cashless Warrants

In a significant development for Cyngn Inc. (NASDAQ: CYN), the company announced today that it has successfully exercised all outstanding Series B cashless warrants. This milestone follows a public offering that concluded on December 23, 2024, showing the firm’s ongoing commitment to enhancing its capital structure.

The exercise of these warrants has been an anticipated move. Cyngn offered 3,076,006 shares of its common stock, alongside 9,346,354 pre-funded warrants, as part of a comprehensive purchase agreement aimed at bolstering its equity base. Additionally, the company issued Series A and Series B warrants to facilitate further investments from institutional stakeholders.

The decision to approve the exercise of these warrants was made during a special meeting held on January 30, 2025, where stockholders voted in favor of it in adherence to Nasdaq listing rule 5635(d). Following this approval, the exercise price for the Series A and Series B warrants was set at $0.322 per share. The total number of shares underlying these warrants was adjusted, allowing for an increase to 77,639,749 shares of common stock. With the inclusion of detailed provisions allowing cashless exercises, the Series B warrants can now potentially yield up to approximately 232,919,249 shares.

As of February 11, 2025, Cyngn announced that the final of these Series B warrants had been fully exercised, eliminating them from the company’s capital structure. This marks a pivotal shift, positioning Cyngn with a total of 262,773,516 shares of common stock outstanding post-exercise.

About Cyngn

Cyngn is at the forefront of autonomous vehicle technology development, creating scalable solutions tailored for industrial applications. The company's innovative platform addresses critical challenges such as labor shortages, high safety incident costs, and increasing eCommerce demands.

One of Cyngn's rising stars is the DriveMod Kit, which allows businesses to integrate autonomous driving features into their existing vehicles either at the point of assembly or through retrofitting. This offers a cost-effective pathway to automation without necessitating a complete overhaul of current vehicle assets.

The flagship offering known as the Enterprise Autonomy Suite comprises several components:

• - DriveMod: The autonomous driving system itself.
• - Cyngn Insight: A suite designed for managing AV fleets which includes teleoperation and analytics.
• - Cyngn Evolve: An internal toolkit that harnesses real-world data for AI enhancement, simulations, and modeling applications.

More information about Cyngn can be found on their official website or through their profiles on various social media platforms, including LinkedIn and YouTube.

Conclusion

The completion of the Series B warrants exercise is not just a financial milestone; it's a testament to Cyngn's robust strategy for growth and innovation in the autonomous vehicle sector. As the company continues to advance its technology, stakeholders await further developments, which promise to reshape industry standards and drive operational efficiency in various sectors.