Cyngn (NASDAQ:CYN) announced on Friday that it has agreed to sell 2.29 million shares at $7.50 per share under a registered direct offering with a single institutional investor.

The company’s aggregate gross proceeds will likely be approximately $17.2 million.

The autonomous vehicle solutions company expects to use the net proceeds from the offering for general corporate purposes and working capital.

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The stock rose by over 70% in Friday’s trading.

Cyngn held $16.3 million in cash and equivalents as of March 31, 2025.

On Thursday, Cyngn announced its partnership with Nvidia Corp (NASDAQ:NVDA) to power next-gen autonomous vehicles for industrial applications. Following the update, Cyngn stock climbed over 290%.

The company was selected among a few robotics innovators using Nvidia Isaac technologies to accelerate safe, scalable autonomy across dynamic, real-world environments.

Cyngn’s stock plunged 99% over the past year as the company faced financial struggles and doubts about meeting Nasdaq’s minimum bid price. It fell short of revenue and EPS expectations for four consecutive quarters but regained compliance with the Nasdaq in March 2025.

Price Action: CYN stock is up 72.1% at $23.35 at last check Friday.

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