Cyngn Announces Pricing of $5M Public Offering Of Common Stock Of 33,333,333 Shares At $0.15/Share
Portfolio Pulse from Benzinga Newsdesk
Cyngn Inc. has announced the pricing of a public offering of 33,333,333 shares of its common stock at a price of $0.15 per share, aiming to raise $5 million in capital.
December 08, 2023 | 2:04 pm
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Cyngn Inc. is offering over 33 million shares at $0.15 each to raise $5M. This may dilute existing shares but provides capital for operations or growth.
The announcement of a public offering at a price that is likely below the current market price can lead to dilution of existing shares, which typically results in a negative short-term impact on the stock price. The capital raised can be beneficial in the long term if used effectively, but the immediate reaction is often negative due to dilution concerns.
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