Cyngn announces closing of its initial public offering

MENLO PARK, California, October 22, 2021– (COMMERCIAL THREAD) – Cyngn (or the “Company”) (NASDAQ: CYN), a developer of innovative autonomous driving software solutions for industrial and commercial companies, today announced the closing of its initial public offering of 3,500,000 shares ordinary in a public offering price of $ 7.50. The gross proceeds of the offering were approximately $ 26.3 million before the deduction of subscription discounts, commissions and costs of the offering. In addition, the Company granted Aegis Capital Corp. a 45-day option to purchase up to 525,000 additional common shares to cover over-allotments, if any, at the initial public offering price, less the subscription discount.

The common shares began trading on the Nasdaq Capital Market under the symbol “CYN” on October 20, 2021.

Aegis Capital Corp. acted as the only accounting manager for the offer.

A registration statement on Form S-1 relating to the common shares sold under this offer was declared effective by the Securities and Exchange Commission (the “SEC”) on October 19, 2021. The offer was made only in by means of a prospectus. Copies of the final prospectus can be obtained from the SEC website, www.sec.gov, or by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th Floor, New York, NY 10019, by email at syndicat@aegiscap.com, or by phone at (212) 813-1010.

This press release does not constitute an offer to sell or a solicitation of an offer to buy such securities, and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Cygnn

Cyngn is an industrial autonomous vehicle technology company. Cyngn’s flagship innovation is DriveMod, an autonomous driving solution that can be flexibly deployed to multiple types of vehicles in various environments. The Company has operated autonomous vehicles in production environments since 2017. For more information, please visit www.cygnn.com.

Disclaimer Regarding Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. These forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from forward-looking statements, including those set forth in the risk factors section of the prospectus used in connection with the initial public offering. Cyngn savings. Cyngn expressly disclaims any obligation or commitment to publish any update or revision to any forward-looking statement contained herein to reflect any change in Cyngn’s expectations in this regard or any change in the events, conditions or circumstances on which a statement is based, except as required by law.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211022005405/en/

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Carolyne Sohn
Vice-President, The Equity Group
csohn@equityny.com
(415) 568-2255

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