02:35 PM EST, 12/30/2024 (MT Newswires) -- Cyngn ( CYN ) shares were up more than 22% in recent Monday trading after the company said it priced a $9 million direct offering.

The developer of autonomous driving software said certain institutional investors agreed to buy 15 million shares at $0.60 each. Cyngn ( CYN ) said it may issue a pre-funded warrant in some cases instead of the shares.

The offering is expected to close Tuesday, Cyngn ( CYN ) said, adding it will use the net proceeds for general corporate purposes and working capital.

Price: 0.77, Change: +0.14, Percent Change: +22.76