12:46 PM EST, 12/23/2024 (MT Newswires) -- Cyngn ( CYN ) shares were up by nearly 44% in midday trading on Monday after the company said it has closed a $20 million offering of common units.

The company, a developer of autonomous vehicle technology, said it sold 12.4 million common units at a price of $1.61 per unit.

Cyngn ( CYN ) said it will use the funds for general corporate purposes and working capital.

Price: 0.67, Change: +0.20, Percent Change: +43.06