Cyngn Inc. - $CYN STOCK NEWS

RobotLAB and Cyngn have partnered to expand the distribution of Cyngn's autonomous DriveMod Tugger vehicles. This collaboration was highlighted at the 2024 Automate Show. Cyngn chose RobotLAB due to its extensive experience in deploying over 10,000 robots globally. RobotLAB will incorporate Cyngn's self-driving vehicles into its portfolio, catering to large-scale manufacturers and warehouse businesses. This partnership aims to address labor shortages, safety issues, and rising e-commerce demands by improving productivity and efficiency on manufacturing floors. Cyngn’s CEO, Lior Tal, emphasized the potential for rapid commercial growth through RobotLAB’s network.

Cyngn Inc. reported its Q1 2024 financial results, highlighting achievements like joining John Deere supply base, renewing deployment contracts, and receiving new patents. The company's CEO expressed confidence in continued growth and improved sales processes. However, Q1 revenue decreased to $5.5 thousand from $872.8 thousand in 2023, with a net loss of $(6.0) million. Cyngn's cash and short-term investments decreased to $4.8 million at the end of Q1 2024.

Cyngn Inc., a developer of AI-powered autonomous driving software solutions, announced the exercise of the underwriter's over-allotment option, resulting in the purchase of an additional 2,040,000 shares of common stock at $0.10 per share. The total gross proceeds from the offering amount to approximately $5.2 million. Aegis Capital Corp. served as the sole bookrunner for the offering.

Cyngn Inc. (Nasdaq: CYN) will release its fiscal first quarter 2024 financial results on May 8, 2024, after the market closes. The results can be accessed on the Cyngn website.

Aegis Capital Corp. acted as the Sole Bookrunner for Cyngn Inc.'s (NASDAQ:CYN) $5 million underwritten public offering, enhancing the company's financial position and market presence.

Cyngn Inc. announced the closing of a $5.0 million firm commitment public offering of common stock. The offering included 50,000,000 shares of common stock and pre-funded warrants with each share sold at $0.10 per share. Aegis Capital Corp. was granted a 45-day option to purchase up to 15% of the shares. The net proceeds will be used for general corporate purposes, including working capital. The offering closed on April 25, 2024, and the registration statement was declared effective by the SEC on April 23, 2024.

Cyngn Inc. announced the pricing of a $5.0 million firm commitment public offering of common stock, consisting of 50,000,000 shares at a price of $0.10 per share. The offering includes pre-funded warrants and grants Aegis Capital Corp. a 45-day option to purchase up to 15% of the shares. The net proceeds will be used for general corporate purposes and working capital.

Cyngn Inc. has been selected to supply its DriveMod Tuggers for industrial automation to John Deere's operation in Dubuque, Iowa. Cyngn, a supplier of AI-powered autonomous vehicle and data solutions, expresses excitement to collaborate with Deere, a renowned technology producer. The partnership signifies validation for Cyngn's product offering from a leading brand in the industry.

Cyngn Inc., led by CEO Lior Tal, provides a business update highlighting the potential market opportunity in material handling vehicles, estimating a global install base of over 3.75 million vehicles and a market worth of $268B. The company focuses on its Enterprise Autonomy Suite (EAS) to offer cost savings to customers. Cyngn emphasizes revenue generation through long industrial sales cycles and outlines the typical steps customers follow in purchasing automated vehicle technology, with a focus on transitioning a Fortune 100 customer to Fleet Purchase.