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Cyngn Inc. (Nasdaq: CYN) is a leading developer of autonomous vehicle (AV) technology, specializing in industrial applications. Based in Silicon Valley, Cyngn focuses on creating AV solutions that enable significant productivity and efficiency gains for industrial organizations. The company’s flagship product is the Enterprise Autonomy Suite, which includes the DriveMod autonomous driving solution, Cyngn Insight for fleet management, and Cyngn Evolve for leveraging AI data.
DriveMod is a highly adaptable system that can be retrofitted onto a variety of vehicle types, making it a versatile choice for Original Equipment Manufacturers (OEMs) and numerous industrial environments. The system aims to tackle critical challenges such as labor shortages and costly safety incidents, particularly in sectors like material handling, manufacturing, and logistics.
Cyngn's recent achievements include a collaboration with the globally recognized brand, John Deere, and partnerships with industry leaders such as Motrec and RobotLAB. The company has also seen significant progress in its sales pipeline, quadrupling its opportunities year-over-year and reducing technical validation times markedly.
Financially, Cyngn recently raised $5 million through a public offering to support its ongoing projects and growth. The company's financial health is reinforced by a solid balance sheet, showing $4.8 million in cash and short-term investments as of March 31, 2024, with plans to enhance its capital position further.
Cyngn continues to innovate in the AV space, recently announcing its 20th patent and strategic collaboration with Nvidia to remain at the forefront of AI advancements. The company is dedicated to creating shareholder value and remains poised to capture an estimated market opportunity of over $268 billion in the industrial vehicle sector.
Cyngn Inc. (Nasdaq: CYN) has announced successful deployments of its DriveMod Tuggers and Forklifts across four key industries: Manufacturing, Consumer Packaged Goods, Logistics, and Defense. In manufacturing, the company secured an LOI from a major automotive supplier and initiated deployment with COATS Company at their Tennessee facility. The company also deployed a DriveMod forklift with another manufacturer.
In the Consumer Packaged Goods sector, Cyngn implemented DriveMod Tuggers at a major distribution company to enhance their intra-facility operations. The company has also deployed its technology at a defense contractor's facility and at Global Logistics and Fulfillment 's Las Vegas distribution center.
These deployments demonstrate the adaptability and scalability of Cyngn's autonomous vehicle solutions across different industrial environments, addressing specific operational needs in each sector.
Cyngn (Nasdaq: CYN) has announced a 1-for-150 reverse stock split of its Common Stock, following Board approval and stockholder authorization from January 30, 2025. The split will be effective at market open on February 18, 2025, with the stock continuing to trade under symbol 'CYN' but with a new CUSIP number.
The primary purpose is to increase the per share market price to maintain Nasdaq Capital Market listing compliance. When effective, every 150 shares will automatically combine into 1 share, with stockholders maintaining their same percentage ownership. The company will round up fractional shares to the nearest whole share at the participant level. All equity awards and warrants will be proportionately adjusted.
Continental Stock Transfer and Trust is serving as the exchange agent. Stockholders with electronic book-entry shares need not take action to receive post-split shares.
Cyngn Inc. (NASDAQ: CYN) has announced the complete exercise of all outstanding Series B cashless warrants, which were issued during a public offering that closed on December 23, 2024. The original offering included the sale of 3,076,006 common shares and 9,346,354 Pre-Funded Warrants, along with Series A and Series B Warrants.
Following stockholder approval on January 30, 2025, the exercise price for both Series A and B Warrants was adjusted to $0.322, with the underlying shares increasing to 77,639,749. The Series B Warrants' cashless exercise provision allowed for up to 232,919,249 shares. As of February 11, 2025, all Series B Warrants, previously held by ten institutional investors, have been exercised and removed from Cyngn's capital structure. The company now has 262,773,516 shares of common stock outstanding.
Cyngn (Nasdaq: CYN) has secured a contract to deploy its DriveMod Tugger at a major Consumer Packaged Goods (CPG) distribution company. This deployment follows a recent contract in the automotive manufacturing sector, demonstrating the company's expanding presence across different industries.
The DriveMod Tuggers feature advanced AI, 360° vision, and collision avoidance systems for precise navigation in dynamic environments. The system integrates with Cyngn Insight, the company's fleet management and analytics platform, enabling real-time monitoring and task optimization.
According to CEO Lior Tal, only about one-third of CPG companies currently have robots on more than 50% of their lines, suggesting significant growth potential in this sector. The client's identity remains confidential per agreement.
Cyngn Inc. (Nasdaq: CYN) has expanded its presence in the automotive manufacturing sector with DriveMod Tugger deployments across five major automotive OEMs and Tier-1 Suppliers in the United States and Mexico. The company recently secured notable contracts, including agreements with a major automotive service equipment manufacturer and a global Automotive Supplier, while also joining John Deere's supply base.
The DriveMod Tugger, capable of towing up to 12,000 pounds, addresses the high-uptime demands of automotive manufacturing floors. This expansion comes amid significant industry challenges, with over 620,000 manufacturing job openings unfilled as of January 2024 and a projected gap of 2.1 million jobs by 2030. While 90% of manufacturers recognize automation as important for future success, only 9% have implemented autonomous technologies, presenting substantial growth opportunities.
Cyngn Inc. (Nasdaq: CYN) has announced a production deployment with COATS Company, North America's largest wheel service equipment manufacturer. The deployment involves Cyngn's next-generation DriveMod Tugger at COATS' 150,000+ square foot facility in La Vergne, Tennessee.
The enhanced DriveMod Tugger features doubled towing capacity from 6,000 lbs to 12,000 lbs and will automate the delivery of wheel service components from production lines. This implementation aims to improve efficiency at COATS' facility.
This deployment follows Cyngn's earlier success with Rivian and demonstrates growing commercial momentum in the automotive sector, which was among the top adopters of industrial robotics in 2023.
Cyngn (Nasdaq: CYN) has secured $33 million in funding to accelerate growth and advance its industrial autonomous vehicle solutions. The funding will support scaling production and deployment of DriveMod Tuggers and advance the commercial release of DriveMod Forklifts.
The company achieved several key milestones, including its first paid autonomous forklift deployment in October and recent deployments at major organizations in defense and automotive manufacturing sectors. The company is expanding partnerships with OEMs and industry leaders to deliver scalable automation solutions.
According to industry estimates, the smart manufacturing market is expected to grow from $223.6 billion to $985.5 billion by 2032. This growth is driven by increasing demand for efficiency and workforce augmentation, with 41% of warehouse managers reporting worker attraction and retention challenges, and 76% of supply chain operations being impacted by labor shortages.
Cyngn (Nasdaq: CYN), an AI-powered autonomous driving software developer for industrial applications, has closed its previously announced registered direct offering. The company sold 15,000,000 shares of common stock (or pre-funded warrants) at $0.60 per share ($0.5999 for warrants), raising $9.0 million in gross proceeds. The funds will be used for general corporate purposes and working capital. Aegis Capital Corp. served as the Exclusive Placement Agent, with the offering conducted under an effective shelf registration statement previously declared effective by the SEC on June 13, 2023.
Cyngn (Nasdaq: CYN), an AI-powered autonomous driving software developer for industrial applications, has announced a $9.0 million registered direct offering. The company will sell 15,000,000 shares of common stock and/or pre-funded warrants at $0.60 per share (or $0.5999 for pre-funded warrants with a $0.0001 exercise price). The transaction is expected to close around December 31, 2024. Aegis Capital Corp is acting as the Exclusive Placement Agent, and the proceeds will be used for general corporate purposes and working capital. The offering is being made through an effective shelf registration statement previously declared effective by the SEC on June 13, 2023.
Cyngn (Nasdaq: CYN), an AI-powered autonomous driving software developer, has closed a $20.0 million follow-on offering priced at market. The offering includes 12,422,360 Common Units at $1.61 per unit (or $1.6099 for Pre-Funded Units), each consisting of one share of Common Stock or Pre-Funded Warrant, plus Series A and B Common Warrants. The Series A warrants have an exercise price of $2.0125 and expire after 60 months, while Series B warrants have the same exercise price with a 30-month expiration. Both warrant series require stockholder approval for exercise. The proceeds will be used for general corporate purposes and working capital. Aegis Capital Corp. served as the exclusive placement agent.
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