Cyngn Secures $9.65 Million in Direct Offering to Advance Autonomous Industrial Vehicle Technology

Cyngn Inc. (NASDAQ: CYN) has closed a registered direct offering that raised approximately $9.65 million in gross proceeds. The company sold 5,000,000 shares of common stock and pre-funded warrants at $1.93 per share, with the majority of the offering purchased by a single institutional investor. The transaction was priced at the market under Nasdaq rules and closed on March 17, 2026, with proceeds expected to support general corporate purposes and working capital. Aegis Capital Corp. acted as exclusive placement agent for the offering.

The capital infusion comes as Cyngn develops and deploys autonomous vehicle technology designed for industrial organizations like manufacturers and logistics companies. The company addresses significant challenges facing these sectors, including labor shortages and costly safety incidents. Cyngn’s DriveMod technology enables customers to implement self-driving capabilities in their operations without requiring high upfront costs or extensive infrastructure installations.

DriveMod is currently available on Motrec MT-160 Tuggers and BYD Forklifts. The DriveMod Tugger can haul up to 12,000 pounds, operates both indoors and outdoors, and targets a typical payback period of less than two years. The DriveMod Forklift handles heavy loads using non-standard pallets and is currently available to select customers. For more information on the company’s technology, visit https://www.cyngn.com/.

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