Autonomous Industrial Vehicle Firm Cyngn Stock Soars 20% on Nvidia Deal
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Key Takeaways
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Cyngn shares took off for a second consecutive day following news of a collaboration with Nvidia.
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The autonomous industrial vehicle technology firm will use Nvidia's Isaac robotics platform to build self-driving vehicles "across dynamic, real-world environments."
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Cyngn also announced a $15 million registered direct offering with a single institutional investor.
Shares of Cyngn (CYN) skyrocketed for a second straight day Friday after the maker of self-driving industrial vehicle technology announced a collaboration agreement with Nvidia (NVDA).
The company said the Nvidia deal will have Cyngn use the chipmaker's Isaac robotics platform "to accelerate safe, scalable autonomy across dynamic, real-world environments." The Mountain View, Calif.-based firm noted that its autonomous industrial vehicles, built on Isaac and powered by Cyngn's DriveMod software, "are currently operating in commercial environments to reduce labor costs, increase throughput, and improve safety."
CEO Lior Tal added that working with Nvidia "helps reinforce our mission to build cutting-edge autonomous vehicles that deliver real-world ROI to industrial operators."
Cyngn also said Thursday that it was selling nearly 3 million shares and pre-funded warrants valued at $5.01 each to a single institutional investor. That was the closing price of the stock on Wednesday, before yesterday's news sent it 171% higher. The shares added another 20% Friday to close at $16.33.
The company expects to use the money raised from the stock sale "for general corporate purposes and working capital."
TradingView This article has been updated since it was first published to reflect more recent share price information.
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