Why Cyngn Stock Is Down Nearly 50%

Cyngn Inc CYN shares are trading lower by 48% to $0.21 during Friday's session after the company announced it priced its public stock offering at around $5.0 million before expenses.

The offering includes 33,333,333 shares of common stock and pre-funded warrants at $0.15 per share (or $0.14999 per pre-funded warrant).

The closing date is set for December 12, contingent on meeting standard closing conditions. The company intends to utilize the proceeds for general corporate needs and working capital.

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Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations.

According to data from Benzinga Pro, CYN has a 52-week high of $1.38 and a 52-week low of $0.17.