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.
See Also: U.S. Consumer Sentiment Sharply Rebounds In December
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.
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