Cyngn Inc (CYN)

Shares of Cyngn Inc (CYN) dropped by 47.00% from $0.40 to $0.212 in the trading on Friday, December 8, 2023. The reason why is CYN down today is due to the company's announcement of a public offering of common stock, which is expected to raise approximately $5.0 million in gross proceeds before expenses. The offering includes 33,333,333 shares of common stock and pre-funded warrants, with each share priced at $0.15 and each pre-funded warrant at $0.14999 (after a $0.00001 reduction related to the exercise price of the pre-funded warrants). The offering is set to close on December 12, 2023, subject to customary closing conditions.