MENLO PARK, Calif., Dec. 20, 2024 /PRNewswire/ — Cyngn Inc. (the “Company” or “Cyngn”) (Nasdaq: CYN), a developer of AI-powered autonomous driving software solutions for industrial applications, today announced the pricing of a follow on offering, priced at the market, with gross proceeds to the Company expected to be approximately $20.0 million, before deducting placement agent fees and other estimated offering expenses payable by the Company.

The offering consists of 12,422,360 Common Units (or Pre-Funded Units), each consisting of one (1) share of Common Stock or one (1) Pre-Funded Warrant to purchase one (1) share of Common Stock, one (1) Series A Common Warrant to purchase one (1) share of Common Stock per warrant, and one (1) Series B Common Warrant to purchase one (1) share of Common Stock per warrant. The public offering price per Common Unit is $1.61 (or $1.6099 for each Pre-Funded Unit, which is equal to the public offering price per Common Unit to be sold in the offering minus an exercise price of $0.0001 per Pre-Funded Warrant). The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until exercised in full. For each Pre-Funded Unit sold in the offering, the number of Common Units in the offering will be decreased on a one-for-one basis. The initial exercise price of each Series A Common Warrant is $2.0125 per share of Common Stock. The Series A Common Warrants are exercisable upon stockholder approval and expire 60 months thereafter.   The initial exercise price of each Series B Common Warrant is $2.0125 per share of Common Stock or pursuant to an alternative cashless exercise option. The Series B Common Warrants are exercisable upon stockholder approval and expire 30 months thereafter.  

Aggregate gross proceeds to the Company are expected to be approximately $20.0 million. The transaction is expected to close on or about December 23, 2024, subject to the satisfaction of customary closing conditions. The Company expects to use the net proceeds from the offering, together with its existing cash, for working capital and other general corporate purposes, including repayment of outstanding senior notes.

Aegis Capital Corp. is acting as Exclusive Placement Agent for the offering. Sichenzia Ross Ference Carmel LLP is acting as counsel to the Company. Kaufman & Canoles, P.C. is acting as counsel to Aegis Capital Corp.

A registration statement on Form S-1 (No. 333-283514) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 27, 2024 was declared effective by the SEC on December 19, 2024. The offering is being made only by means of a prospectus. A final prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. Electronic copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at syndicate@aegiscap.com, or by telephone at +1 (212) 813-1010. Before investing in this offering, interested parties should read in their entirety the prospectus, which provides more information about the Company and such offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Cyngn

Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn’s self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce.

Cyngn’s DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments.

Cyngn’s flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).

Forward-Looking Statements

The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the timing of closing, expected use of  proceeds of the offering, the completion of the offering, the satisfaction of customary closing conditions related to the offering, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Investor Contact:
Donald Alvarez, CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/cyngn-announces-pricing-of-20-0-million-follow-on-offering-priced-at-the-market-302336876.html

SOURCE Cyngn

NEW YORK, Dec. 20, 2024 /PRNewswire/ — PM360, a leading trade magazine for marketing decision-makers in the pharmaceutical, biotech, medical device, and diagnostics industries, included DeepIntent’s HealthFirst Vaccine Audiences in its annual Innovations Issue, which highlights the most interesting advancements in the life sciences, healthcare, and marketing in 16 categories. HealthFirst Vaccines Audiences was included within the Marketing Technology/Services category.

Launched in July 2024, HealthFirst Vaccine Audiences is a groundbreaking solution that combines advanced audience modeling with real-world health data to deliver more effective vaccine advertising campaigns.

Unique in its ability to integrate real-world vaccine data from trusted sources such as government agencies and retail pharmacies, HealthFirst Vaccine Audiences also includes a custom “propensity score” to ensure ads reach audiences that are most receptive to vaccination.

By incorporating clinical insights, demographic data, and local vaccine incidence rates, marketers can significantly reduce media waste and drive measurable vaccination lift. Additionally, marketers can activate more impactful vaccine campaigns across every channel, including display, video, native, and connected TV, while optimizing performance in real-time through DeepIntent’s Health Advertising Platform.

“DeepIntent’s HealthFirst Vaccine Audiences solution is revolutionizing the way we engage DTC audiences with timely, relevant messaging,” said Natalie Mancuso, SVP of Data Partnerships at DeepIntent. “The future of our industry will be powered by health intelligence, and this is just one example of how healthcare campaigns can harness real-time data and optimization to influence real-world health outcomes. We’re thrilled to see HealthFirst Vaccine Audiences recognized as one of the most innovative products of 2024.”

This latest distinction marks the sixth consecutive year that a DeepIntent service or product has been recognized in PM360’s annual Innovations Issue, including Patient Planner in 2023, Audience Marketplace in 2022, DeepIntent Outcomes™ in 2021, Patient Modeled Audiences in 2020, and HCP Planner in 2019.

About DeepIntent
DeepIntent is the health advertising platform marketers trust to drive effective campaigns. Purpose-built for healthcare and privacy-safe, the DeepIntent platform unites media, identity, and clinical data to produce industry-defining health intelligence. Consistently proven to deliver real-world results based on real-time optimization, the DeepIntent platform powers more than 600 pharmaceutical brands and all the leading healthcare agencies to innovate, differentiate, and reach their audiences across all channels and devices. For more information, visit DeepIntent.com or find us on LinkedIn.

About PM360
PM360 is the premier, must-read magazine for marketing decision-makers in the pharmaceutical, biotech, medical device, and diagnostics industries. Published monthly, PM360 is the only journal that focuses on delivering the full spectrum of practical information necessary for product managers and pharmaceutical marketing professionals to succeed in the complex and highly regulated healthcare environment.

The journal’s targeted and insightful editorial focuses on issues that directly impact critical decision-making, including: Planning and implementation of cutting-edge strategies, trends, the latest technological advances, branding/marketing, advertising/promotion, patient/professional education, sales, market research, PR, and leadership. Additionally, the “360” in the title signifies the span of this critical, how-to info with personal and career insights for an enjoyable and thought-provoking read.

By providing a full circle of enriching content, PM360 is truly an indispensable tool for busy and productive marketing professionals to stay at the top of their game.

Press Contact
Stefanie DeSantis
stefanie.desantis@deepintent.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/deepintents-healthfirst-vaccine-audiences-named-one-of-the-most-interesting-innovations-of-2024-by-pm360-302336619.html

SOURCE DeepIntent

Energizes Over 50 MW in 2024 Across Six States, with 35 MW Coming Online by January 2025

WILMINGTON, Del., Dec. 20, 2024 /PRNewswire/ — Compass Mining (“Compass” or the “Company”), a leading provider of Bitcoin mining hardware, hosting, and operational solutions, proudly announces the addition of a new 25 megawatts (MW) Bitcoin mining facility in Texas to its growing network of North American operations. The facility is already fully built out and will be operational with an initial 5 MW of capacity by year’s end, scaling to 25 MW in early January 2025. Compass also plans to expand the facility’s capacity to 60 MW by Q3 2025.

The new Texas facility will house a mix of relocated machines from Compass’s existing sites, as well as newly deployed units, ensuring continuity for current customers while offering new clients a seamless and turnkey Bitcoin mining experience. By January 2025, new customers purchasing machines through Compass’s platform will have the option to deploy them at the “Texas 6″ site.

“Our new Texas facility represents another milestone in our mission to make bitcoin mining more accessible for everyone,” said Paul Gosker, CEO of Compass Mining. “We bring a wealth of experience from successfully operating at multiple locations across Texas, navigating the unique grid dynamics and leveraging local resources. For this site, we will provide our support and expertise, including assisting our site partner in hiring expert technicians who meet Compass’s high standards. This ensures high uptime and reliability, delivering the quality our customers expect.”

Compass’s strategy combines vertical integration through proprietary facilities, such as the new Iowa 4 site, with partnerships at third-party facilities renowned for high uptime and reliability. This dual approach allows the company to maintain operational flexibility while delivering reliable hosting solutions. The company has energized a total of approximately 50 MW of power capacity across mining facilities in Indiana, Iowa, Ohio, Kentucky, Nebraska, and Texas in 2024, with plans to add another 35 MW by January 2025.

About Compass Mining

Compass Mining is a customer-first company that provides a platform for individuals and businesses to purchase Bitcoin mining hardware, host machines, build and manage mining facilities, and access a range of ancillary services. With a commitment to exceptional customer support and transparency, Compass Mining sets the benchmark for bitcoin mining hosting. Its mission is to make Bitcoin mining accessible to everyone. To learn more about Compass Mining or to start mining today, visit compassmining.io.

Media Contact

BlocksBridge Consulting
compass@blocksbridge.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/compass-mining-scales-texas-operations-with-25-mw-bitcoin-mining-facility-plans-further-expansion-302336803.html

SOURCE Compass Mining