UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
S-8
REGISTRATION
STATEMENT
UNDER
THE
SECURITIES
ACT OF 1933
CYNGN
INC.
(Exact
name of Registrant as specified in its charter)
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Delaware
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46-2007094
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(State
or other jurisdiction of
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(I.R.S.
Employer
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incorporation
or organization)
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Identification
Number)
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1015
O’Brien Dr.
Menlo
Park, CA 94025
(650) 924-5905
(Address,
including zip code, and telephone number, including area code, of Registrant's principal executive offices)
Cyngn
Inc. 2021 Incentive Plan
Cyngn
Inc. 2013 Equity Incentive Plan
(Full
title of the plans)
Lior
Tal
Chief Executive Officer
Cyngn Inc.
1015 O’Brien Dr.
Menlo Park, CA 94025
(650) 924-5905
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Please
send copies of all communications to:
Gregory Sichenzia, Esq.
Marcelle S. Balcombe, Esq.
Sichenzia Ross Ference LLP
1185 Avenue of the Americas, 31st Floor
New York, NY 10036
(212) 930-9700
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer ☐
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Accelerated filer ☐
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Non-accelerated filer ☒
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Smaller reporting company ☒
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Emerging growth company
☒
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If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
CALCULATION
OF REGISTRATION FEE
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Title of Securities to be Registered
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Amount to be
Registered(1)
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Proposed
Maximum
Offering
Price
per Share
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Proposed
Maximum
Aggregate
Offering Price
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Amount of
Registration
Fee
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Common Stock, $0.00001 par value per share, reserved for issuance pursuant to the Cyngn Inc. 2021 Incentive Plan
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11,000,000
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(2)(3)
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$
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3.24
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(4)
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$
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35,640,000
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$
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3,303.83
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Common Stock, $0.00001 par value per share, issued pursuant to stock option awards outstanding under the Cyngn Inc. 2013 Equity Incentive Plan
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8,617,887
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(5)
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$
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3.24
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(4)
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$
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27,921,953.88
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$
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2,588.37
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Total
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19,617,887
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$
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3.24
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(4)
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$
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63,561,953.88
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$
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5,892.19
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(1)
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Pursuant to Rule 416(a)
promulgated under the Securities Act of 1933, as amended (the “Securities Act”), this Registration Statement
shall also cover any additional shares of common stock that become issuable under the plans set forth herein by reason of any stock
dividend, stock split, recapitalization, or other similar transaction effected that results in an increase to the number of outstanding
shares of Cyngn Inc.’s (the “Registrant”) common stock, as applicable.
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(2)
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Represents shares of common
stock reserved for future issuance pursuant to awards under Cyngn Inc.’s 2021 Incentive Plan (the “2021 Plan”).
Any authorized shares reserved and available for issuance, and not issued or subject to outstanding awards, under the Company’s
2013 Equity Incentive Plan (the “2013 Plan”) on the date of adoption of the 2021 Plan shall cease to be
set aside and reserved for issuance pursuant to the 2013 Plan, effective on the date of adoption of the 2021 Plan, and shall instead
be set aside and reserved for issuance pursuant to the 2021 Plan and (ii) any shares subject to outstanding awards under the 2013
Plan on the date of adoption of the 2021 Plan that cease to be subject to such awards following the date of adoption of the 2021
Plan (other than by reason of exercise or settlement of the awards to the extent they are exercised for or settled in vested or nonforfeitable
shares) shall cease to be set aside or reserved for issuance pursuant to the 2013 Plan, effective on the date upon which they cease
to be so subject to such awards, and shall instead be set aside and reserved for issuance pursuant to the 2021 Plan, up to an aggregate
maximum of 8,500,000, subject to adjustment from time to time as provided in the 2021 Plan.
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(3)
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The number of shares of
common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year, starting on January 1,
2022 and ending on (and including) January 1, 2030 (each, an “Evergreen Date”), equal to the least
of (i) 5% of the outstanding Common Stock on a fully diluted basis as of the end of the Company’s immediately preceding fiscal
year, (ii) 1,000,000 shares, and (iii) a lesser amount determined by the Board; provided, however, that any shares from any such
increases in previous years that are not actually issued shall continue to be available for issuance under the Plan (each, an “Evergreen
Increase”). The additional shares issuable pursuant to any Evergreen Increase after the date of this Registration Statement
have not been included in this Registration Statement.
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(4)
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Estimated pursuant to Rules
457(c) and 457(h) under the Securities Act, solely for the purposes of calculating the registration fee and based on the average
of the high and low prices of the Registrant’s common stock as reported on the Nasdaq Stock Market on January 10, 2022, which
date is within five business days prior to the filing of this Registration Statement.
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(5)
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Represents shares of common
stock reserved for future issuance pursuant to awards granted under the 2013 Plan.
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EXPLANATORY
NOTE
This
Registration Statement on Form S-8 (this “Registration Statement”) is being filed by Cyngn Inc., a Delaware corporation
(the “Company”) relating to 19,617,887 shares of common stock, $0.00001 par value per share (the “Common
Stock”), issuable under Cyngn Inc.’s Equity Incentive Plan (the “2021 Plan”) and Cyngn Inc.’s
2013 Equity Incentive Plan (the “2013 Plan” and together with the 2021 Plan, the “Plans”.
This
Registration Statement also includes a prospectus (the “Reoffer Prospectus”) prepared in accordance with General Instruction
C of Form S-8 and in accordance with the requirements of Part I of Form S-3. This Reoffer Prospectus may be used for the reoffer and
resale of shares of Common Stock on a continuous or delayed basis that may be deemed to be “restricted securities” and/or
“control securities” within the meaning of the Securities Act of 1933, as amended (the “Securities Act”),
and the rules and regulations promulgated thereunder, that are issuable to certain of our executive officers, employees, consultants
and directors identified in the Reoffer Prospectus. The number of shares of Common Stock included in the Reoffer Prospectus represents
shares of Common Stock issuable to the selling stockholders pursuant to equity awards, including stock options and restricted stock grants,
granted to the selling stockholders and does not necessarily represent a present intention to sell any or all such shares of Common Stock.
As
specified in General Instruction C of Form S-8, until such time as we meet the registrant requirements for use of Form S-3, the number
of shares of Common Stock to be offered by means of this reoffer prospectus, by each of the selling security holders, and any other person
with whom he or she is acting in concert for the purpose of selling our shares of Common Stock, may not exceed, during any three month
period, the amount specified in Rule 144(e) of the Securities Act.
Part
I
INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information.
The
Company will provide each recipient of a grant under the Plans (the “Recipients”) with documents that contain information
related to the Plans, and other information including, but not limited to, the disclosure required by Item 1 of Form S-8, which information
is not required to be and is not being filed as a part of this Registration Statement on Form S-8 (the “Registration Statement”)
or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. The foregoing information and the documents
incorporated by reference in response to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that
meets the requirements of Section 10(a) of the Securities Act. A Section 10(a) prospectus will be given to each Recipient who receives
shares of Common Stock covered by this Registration Statement, in accordance with Rule 428(b)(1) under the Securities Act.
Item 2.
Registrant Information and Employee Plan Annual Information.
The
documents containing the information specified in Part I of this Registration Statement will be sent or given to participants in the
Plans, as specified by Rule 428(b)(1) promulgated under the Securities Act. Such documents need not be filed with the Securities and
Exchange Commission (the “Commission”) either as part of this Registration Statement or as prospectuses or prospectus
supplements pursuant to Rule 424 promulgated under the Securities Act. These documents and the documents incorporated by reference in
this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that
meets the requirement of Section 10(a) of the Securities Act.
Lior
Tal
Chief
Executive Officer
Cyngn
Inc.
1015
O’Brien Dr.
Menlo
Park, CA 94025
REOFFER
PROSPECTUS
CYNGN
INC.
Up
to 7,654,477 Shares of Common Stock
Issuable
under certain grants under
The
Plans
This
reoffer prospectus relates to the public resale, from time to time, of an aggregate of 7,654,477 shares (the “Shares”)
of our common stock, $0.00001 par value per share (the “Common Stock”) by certain security holders identified herein
in the section entitled “Selling Securityholders”. Such shares may be acquired in connection with common stock underlying
options issued under the Plans. You should read this prospectus carefully before you invest in our Common Stock.
Such
resales shall take place on Nasdaq, or such other stock market or exchange on which our Common Stock may be listed or quoted, in negotiated
transactions or otherwise, at market prices prevailing at the time of the sale or at prices otherwise negotiated (see “Plan of
Distribution” starting on page 7 of this prospectus). We will receive no part of the proceeds from sales made under this reoffer
prospectus. The Selling Securityholders will bear all sales commissions and similar expenses. Any other expenses incurred by us in connection
with the registration and offering and not borne by the Selling Securityholders will be borne by us.
This
reoffer prospectus has been prepared for the purposes of registering our shares of Common Stock under the Securities Act to allow for
future sales by Selling Securityholders on a continuous or delayed basis to the public without restriction, provided that the amount
of shares of Common Stock to be offered or resold under this Reoffer Prospectus by each Selling Securityholder or other person with whom
he or she is acting in concert for the purpose of selling shares of Common Stock, may not exceed, during any three-month period, the
amount specified in Rule 144(e) under the Securities Act. We have not entered into any underwriting arrangements in connection with the
sale of the shares covered by this reoffer prospectus. The Selling Securityholders identified in this reoffer prospectus, or their pledgees,
donees, transferees or other successors-in-interest, may offer the shares covered by this reoffer prospectus from time to time through
public or private transactions at prevailing market prices, at prices related to prevailing market prices or at privately negotiated
prices.
Investing
in our Common Stock involves risks. See “Risk Factors” beginning on page 5 of this reoffer prospectus. These are speculative
securities.
Our
Common Stock is quoted on the Nasdaq Capital Market under the symbol “CYN” and the last reported sale price of our Common
Stock on January 11, 2022 was 3.44 per share.
NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED
IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The
date of this prospectus is January 12, 2022
CYNGN
INC.
TABLE
OF CONTENTS
Except
where the context otherwise requires, the terms, “we,” “us,” “our” or
“the Company,” refer to the business of Cyngn Inc., a Delaware corporation.
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus and the documents and information incorporated by reference in this prospectus include forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act
of 1934, as amended, or the Exchange Act. These statements are based on our management’s beliefs and assumptions and on information
currently available to our management. Such forward-looking statements include those that express plans, anticipation, intent, contingency,
goals, targets or future development and/or otherwise are not statements of historical fact.
All
statements in this prospectus and the documents and information incorporated by reference in this prospectus that are not historical
facts are forward-looking statements. We may, in some cases, use terms such as “anticipates,” “believes,” “could,”
“estimates,” “expects,” “intends,” “may,” “plans,” “potential,”
“predicts,” “projects,” “should,” “will,” “would” or similar expressions
or the negative of such items that convey uncertainty of future events or outcomes to identify forward-looking statements.
Forward-looking
statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and we undertake
no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except
as may be required by applicable law. Although we believe that the expectations reflected in the forward-looking statements are reasonable,
we cannot guarantee future results, levels of activity, performance or achievements.
We
caution you therefore that you should not rely on any of these forward-looking statements as statements of historical fact or as guarantees
or assurances of future performance.
Information
regarding market and industry statistics contained in this prospectus, including the documents that we incorporate by reference, is included
based on information available to us that we believe is accurate. It is generally based on academic and other publications that are not
produced for purposes of securities offerings or economic analysis. Forecasts and other forward-looking information obtained from these
sources are subject to the same qualifications and the additional uncertainties accompanying any estimates of future market size, revenue
and market acceptance of products and services. Except as required by U.S. federal securities laws, we have no obligation to update forward-looking
information to reflect actual results or changes in assumptions or other factors that could affect those statements.
PROSPECTUS SUMMARY
The Commission allows us to
‘‘incorporate by reference’’ certain information that we file with the Commission, which means that
we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered
to be part of this prospectus, and information that we file later with the Commission will update automatically, supplement and/or supersede
the information disclosed in this prospectus. Any statement contained in a document incorporated or deemed to be incorporated by reference
in this prospectus shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained
in this prospectus or in any other document that also is or is deemed to be incorporated by reference in this prospectus modifies or supersedes
such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a
part of this prospectus. You should read the following summary together with the more detailed information regarding our company, our
Common Stock and our financial statements and notes to those statements appearing elsewhere in this prospectus or incorporated herein
by reference.
Our Company
We are an autonomous vehicle
(AV) technology company that is focused on addressing industrial uses for autonomous vehicles. We believe that technological innovation
is needed to enable adoption of autonomous industrial vehicles that will address the substantial industry challenges that exist today.
These challenges include labor shortages, lagging technological advancements from incumbent vehicle manufacturers, and high upfront investment
commitment.
Industrial sites are typically
rigid environments with consistent standards as opposed to city streets that have more variable environmental and situational conditions
and diverse regulations. These differences in operational design domains (ODD) will be major factors that make proliferation of industrial
AVs in private settings achievable with less time and resources than AVs on public roadways. Namely, safety and infrastructure challenges
are cited as roadblocks that have delayed AVs from operating on public roadways at scale. Our focus on industrial AVs simplifies these
challenges because industrial facilities (especially those belonging to a single end customer that operates similarly at different sites)
share much more in common than different cities do. Furthermore, our end customers own their infrastructure and can make changes more
easily than governments can on public roadways.
With these challenges in mind,
we are developing an Enterprise Autonomy Suite (EAS) that leverages advanced in-vehicle autonomous driving technology and incorporates
leading supporting technologies like data analytics, fleet management, cloud, and connectivity. EAS provides a differentiated solution
that we believe will drive pervasive proliferation of industrial autonomy and create value for customers at every stage of their journey
towards full automation and the adoption of Industry 4.0.
EAS is a suite of technologies
and tools that we divide into three complementary categories:
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1.
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DriveMod, our modular industrial vehicle autonomous
driving software;
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2.
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Cyngn Insight, our customer-facing tool suite
for monitoring and managing AV fleets (including remotely operating vehicles) and aggregating/analyzing data; and
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3.
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Cyngn Evolve, our internal tool suite and infrastructure
that facilitates artificial intelligence (AI) and machine learning (ML) training to continuously enhance our algorithms and models and
provides a simulation framework (both record/rerun and synthetic scenario creation) to ensure that data collected in the field can be
applied to validating new releases.
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Legacy automation providers
manufacture specialized industrial vehicles with integrated robotics software for rigid tasks, limiting automation to narrow uses. Unlike
these specialized vehicles, EAS can be compatible with existing vehicle assets in addition to new vehicles that have been purpose built
for autonomy by vehicle manufacturers. EAS is operationally expansive, vehicle agnostic, and compatible with indoor and outdoor environments.
By offering flexible autonomous services, we aim to remove barriers to industry adoption.
We understand that scaling
of autonomy solutions will require an ecosystem made up of different technologies and services that are enablers for AVs. Our approach
is to forge strategic collaborations with complementary technology providers that accelerate AV development and deployment, provide access
to new markets, and create new capabilities. Our focus on designing DriveMod to be modular will combine with our experience deploying
AV technology on diverse industrial vehicle form factors, which will be difficult for competitors to replicate.
We expect our technology to
generate revenue through two main methods: deployment and EAS subscriptions. Deploying our EAS requires us and our integration partners
to work with a new client to map the job site, gather data, and install our AV technology within their fleet and site. We anticipate that
new deployments will yield project-based revenues based on the scope of the deployment. After deployment, we expect to generate revenues
by offering EAS through a Software as a Service (SaaS) model, which can be considered the AV software component of Robotics as a Service
(RaaS). Although we have not offered, and have no present intention to offer, the robotic assets ourselves directly to the end customer,
our software can be part of a combined offering with third parties, such as an OEM.
RaaS is a subscription model
that allows customers to use robots/vehicles without purchasing the hardware assets upfront. We will seek to achieve sustained revenue
growth largely from ongoing SaaS-style EAS subscriptions that enable companies to tap into our ever-expanding suite of AV and
AI capabilities as organizations transition into full industrial autonomy.
At this time, EAS is available
as a private beta release. Early versions of EAS have been deployed with customers in the past, including an unpaid customer trial in
2017 and a paid customer pilot in 2018, which ended in 2019. We do not currently have any customers, and we do not currently have recurring
revenues from EAS. We plan to engage with select customers for limited paid deployments of our EAS beta release over the next 18-24 months
(beta phase). Further, we expect EAS to continually be developed and enhanced according to evolving customer needs in the future, which
will take place concurrently while other features of EAS are commercialized as is typical in software products.
During the beta phase, we will
prepare EAS for scaled commercialization that is targeted in 2024. Key activities that will occur during the beta phase include but are
not limited to collecting and training on additional data, enhancing various components of DriveMod and Cyngn Insight based on our experience
with beta customers, increasing customer support, and conducting paid beta deployments of increasing scale with select customers. We estimate
the costs to prepare EAS for scaled commercialization to be roughly $18M-$23M and expect the limited paid beta deployments to offset some
of the ongoing R&D costs of developing EAS. There can be no guarantee that the actual amount required to prepare EAS for scaled commercialization
will not exceed these estimates or that limited paid deployments that would offset some of these costs will be at the level we have planned.
We target scaled deployments and recurring revenues to begin in 2024, which we expect to drive additional spending in sales, marketing,
and customer support while EAS continues to undergo technology and product feature enhancements on an ongoing basis.
Our go-to-market strategy
is to acquire new customers that use industrial vehicles in their mission-critical and daily operations by (a) leveraging the relationships
and existing customers of our network of strategic partners, (b) bringing AV capabilities to industrial vehicles as a software service
provider, and (c) executing a robust in-house sales and marketing effort to nurture a pipeline of industrial organizations. Our focus
is on acquiring new customers who are either looking (a) to embed our technology into their vehicle product roadmaps or (b) to apply autonomy
to existing fleets with our vehicle retrofits. In turn, our customers are any organizations that could benefit from our EAS solution,
including original equipment manufacturers (OEM) that supply industrial vehicles, end customers that operate their own industrial vehicles,
or service providers that operate industrial vehicles for end customers.
As OEMs and leading industrial
vehicle users seek to increase productivity, reinforce safer working environments, and scale their operations, we believe Cyngn is uniquely
positioned to deliver a dynamic autonomy solution via our EAS to a wide variety of industrial uses. Our long-term vision is for EAS
to become a universal autonomous driving solution with minimal marginal cost for companies to adopt new vehicles and expand their autonomous
fleets across new deployments. We have deployed DriveMod software on nine different vehicle form factors that range from stockchasers
and stand-on floor scrubbers to 14-seat shuttles and 5-meter-long cargo vehicles demonstrating the extensibility of our
AV building blocks. These deployments were prototypes or part of proof-of-concept projects. Of these deployments, two were at customer
sites. For one deployment we were paid $166,000 and the other was part of our normal R&D activities.
Our strategy upon establishing
a customer relationship with an OEM, is to seek to embed our technology into their vehicle roadmap and expand our services to their many
clients. Once we solidify an initial AV deployment with a customer, we intend to seek to expand within the site to additional vehicle
platforms and/or expand the use of similar vehicles to other sites operated by the customer. This “land and expand” strategy
can repeat iteratively across new vehicles and sites and is at the heart of why we believe industrial AVs that operate in geo-fenced,
constrained environments are poised to create value.
Meanwhile, over $16B has been
invested into passenger AV development over the last several years with negligible revenues generated and constant delays3.
The $200B industrial equipment market (projected in 2027) is substantial, but it does not justify billions of dollars of annual research
& development spend. These leading passenger AV companies must take the approach of first capturing the trillion-dollar markets
of passenger AV to achieve their desired returns.
Corporate Information
The Company was originally
incorporated in the State of Delaware on February 1, 2013, under the name Cyanogen, Inc. or Cyanogen. The Company started as a venture
funded company with offices in Seattle and Palo Alto, aimed at commercializing CyanogenMod, direct to consumer and through collaborations
with mobile phone manufacturers. CyanogenMod was an open-source operating system for mobile devices, based on the Android mobile
platform.
Between 2013 and 2015, Cyanogen
released multiple versions of its mobile operating system, and collaborated with an ecosystem of companies including mobile phone OEMs,
content providers and leading technology partners.
In 2016 the Company’s
management and board of directors, determined to pivot its product focus and commercial direction from the mobile device and telecom space
to industrial and commercial autonomous driving. In May 2017, the Company changed its name to Cyngn Inc.
Our principal business address is 1015 O’Brien Dr., Menlo Park,
CA 94025. We maintain our corporate website at https://cyngn.com. The reference to our website is an inactive textual reference
only. The information that can be accessed through our website is not part of this reoffer prospectus.
THE OFFERING
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Outstanding Common Stock:
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26,434,285 shares of our Common Stock are outstanding as of January 11, 2021.
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Common Stock Offered:
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Up to 7,654,477 shares of Common Stock for sale by the selling securityholders (which include our executive officers and directors) for their own account pursuant to the Plans.
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Selling Securityholders:
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The selling securityholders are set forth in the
section entitled “Selling Securityholders” of this reoffer prospectus on page 5. The amount of securities to
be offered or resold by means of the reoffer prospectus by the designated selling securityholders may not exceed, during any three
month period, the amount specified in Rule 144(e).
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Use of proceeds:
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We will not receive any proceeds from the sale of our Common Stock by the selling securityholders. We would, however, receive proceeds upon the exercise of the stock options by those who receive options under the Plans and exercise such options for cash. Any cash proceeds will be used by us for general corporate purposes.
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Risk Factors:
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The securities offered hereby involve a high degree of risk. See “Risk Factors.”
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Nasdaq trading symbol:
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CYN
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RISK FACTORS
An investment in shares of our Common Stock
is highly speculative and involves a high degree of risk. We face a variety of risks that may affect our operations or financial results
and many of those risks are driven by factors that we cannot control or predict. Before investing in our Common Stock, you should carefully
consider the risks below and set forth under the caption “Risk Factors” in our Prospectus for our initial public
offering, filed with the Securities and Exchange Commission on October 12, 2021, which are incorporated by reference herein, and subsequent
reports filed with the SEC, together with the financial and other information contained or incorporated by reference in this prospectus.
If any of these risks actually occurs, our business, prospects, financial condition and results of operations could be materially adversely
affected. In that case, the trading price of our Common Stock would likely decline and you may lose all or a part of your investment.
Only those investors who can bear the risk of loss of their entire investment should invest in our Common Stock.
USE OF PROCEEDS
The shares which may be
sold under this reoffer prospectus will be sold for the respective accounts of each of the Selling Securityholders listed herein (which
includes our executive officers and directors). Accordingly, we will not realize any proceeds from the sale of the shares of our Common
Stock. We will receive proceeds from the exercise of the options; however, no assurance can be given as to when or if any or all of the
options will be exercised. If any options are exercised, the proceeds derived therefrom will be used for working capital and general corporate
purposes. All expenses of the registration of the shares will be paid by us. See “Selling Securityholders” and “Plan
of Distribution.”
SELLING SECURITYHOLDERS
We are registering for resale
the shares covered by this prospectus to permit the Selling Securityholders identified below and their pledgees, donees, transferees and
other successors-in-interest that receive their securities from a Selling Securityholder as a gift, partnership distribution or other
non-sale related transfer after the date of this prospectus to resell the shares when and as they deem appropriate. The Selling Securityholders
acquired, or may acquire, these shares from us pursuant to the Plans. The shares may not be sold or otherwise transferred by the Selling
Securityholders unless and until the applicable awards vest and are exercised, as applicable, in accordance with the terms and conditions
of the Plans.
The following table sets forth:
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the name of each Selling Securityholder;
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the position(s) or office of each Selling Securityholder;
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the number and percentage of shares of our Common Stock that each Selling Securityholder beneficially owned as of January 3, 2022 prior to the offering for resale of the shares under this prospectus;
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the number of shares of our Common Stock that may be offered for resale for the account of each Selling Securityholder under this prospectus; and
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the number and percentage of shares of our Common Stock to be beneficially owned by each Selling Securityholder after the offering of the resale shares (assuming all of the offered resale shares are sold by such Selling Securityholder).
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Information with respect to
beneficial ownership is based upon information obtained from the Selling Securityholders. Because the Selling Securityholders
may offer all or part of the shares of Common Stock, which they own pursuant to the offering contemplated by this reoffer prospectus,
and because its offering is not being underwritten on a firm commitment basis, no estimate can be given as to the amount of shares that
will be held upon termination of this offering.
The number of shares in the
column ‘‘Number of Shares Being Offered’’ represents all of the shares of our Common Stock that each Selling Securityholder
may offer under this prospectus. We do not know how long the Selling Securityholders will hold the shares before selling them or how many
shares they will sell. The shares of our Common Stock offered by this prospectus may be offered from time to time by the Selling Securityholders
listed below. We cannot assure you that any of the Selling Securityholders will offer for sale or sell any or all of the shares of Common
Stock offered by them by this prospectus.
|
|
|
Number of Shares Beneficially
Owned Prior to Offering (1)
|
|
|
Number of
Shares Being
|
|
|
Number of Shares Beneficially
Owned After Offering (2)
|
|
|
Securityholders
|
|
Number
|
|
|
Percent
(%)
|
|
|
Offered
|
|
|
Number
|
|
|
Percent (%)
|
|
|
Lior Tal (Chief Executive Officer, Chairman of the Board of Directors and Director)
|
|
|
5,365,004
|
(3)
|
|
|
16.87
|
%
|
|
|
6,965,004
|
(3)
|
|
|
0
|
|
|
|
*
|
|
|
Donald Alvarez (Chief Financial Officer)
|
|
|
0
|
(4)
|
|
|
*
|
|
|
|
400,000
|
(4)
|
|
|
0
|
|
|
|
*
|
|
|
Ben Landen (Vice-President of Business Development)
|
|
|
90,625
|
(5)
|
|
|
*
|
|
|
|
250,000
|
(5)
|
|
|
0
|
|
|
|
*
|
|
|
Karen Macleod (Director)
|
|
|
19,737
|
(6)
|
|
|
*
|
|
|
|
19,737
|
(6)
|
|
|
0
|
|
|
|
*
|
|
|
Colleen Cunningham (Director)
|
|
|
9,868
|
(7)
|
|
|
*
|
|
|
|
9,868
|
(7)
|
|
|
0
|
|
|
|
*
|
|
|
James McDonnell (Director)
|
|
|
9,868
|
(8)
|
|
|
*
|
|
|
|
9,868
|
(8)
|
|
|
0
|
|
|
|
*
|
|
|
(1)
|
The number and percentage of shares beneficially owned is determined in accordance with Rule 13d-3 of the Securities Exchange Act of 1934, as amended, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rule, beneficial ownership includes any shares as to which the Selling Securityholder has sole or shared voting power or investment power and also any shares which the Selling Securityholder has the right to acquire within 60 days. Applicable percentage ownership is based on 26,434,285 shares of Common Stock outstanding as of January 3, 2022.
|
|
(2)
|
Assumes that all shares of Common Stock to be offered, as set forth above, are sold pursuant to this offering and that no other shares of Common Stock are acquired or disposed of by the Selling Securityholders prior to the termination of this offering. Because the Selling Securityholders may sell all, some or none of their shares of Common Stock or may acquire or dispose of other shares of Common Stock, no reliable estimate can be made of the aggregate number of shares of Common Stock that will be sold pursuant to this offering or the number or percentage of shares of Common Stock that each Selling Securityholder will own upon completion of this offering.
|
|
(3)
|
Represents 5,365,004 shares issuable upon exercise of options that are fully vested. Does not include 1,600,000 shares issuable upon exercise of options, of which 400,000 shares of the total option will vest on the one year anniversary of the date of grant of July 26, 2021. Thereafter, for the next 12 months, 33,333 shares shall vest monthly, such that on the second anniversary of the date of grant an additional 400,000 shares of the total option will vest. Thereafter, for the next 48 months 16,667 shares of the option will vest monthly until the option is fully vested on the 6th anniversary of the date of grant.
|
|
(4)
|
Does not include 400,000 shares issuable upon exercise of options, of which 25% shall vest after the one year anniversary of the grant date of June 1, 2021 with the remainder vesting thereafter in equal amounts over three years.
|
|
(5)
|
Represents 90,625 shares issuable upon exercise of options which have fully vested. Does not include (i) 59,375 shares issuable upon exercise of options which are not fully vested and (ii) 100,000 shares issuable upon exercise of options, of which 25% of the grant or 25,000 stock options, vest after the one year anniversary of the date of grant of July 26, 2021 with the remainder vesting monthly thereafter in equal amounts over three years.
|
|
(6)
|
Consists of 19,737 shares issuable upon exercise of options that are fully vested.
|
|
(7)
|
Consists of 9,868 shares issuable upon exercise of options that are fully vested.
|
|
(8)
|
Consists of 9,868 shares issuable upon exercise of options that are fully vested.
|
PLAN OF DISTRIBUTION
We are registering the
Shares covered by this prospectus to permit the Selling Stockholders to conduct public secondary trading of these Shares from time to
time after the date of this prospectus. We will not receive any of the proceeds of the sale of the Shares offered by this prospectus.
The aggregate proceeds to the Selling Stockholders from the sale of the Shares will be the purchase price of the Shares less any discounts
and commissions. We will not pay any brokers’ or underwriters’ discounts and commissions in connection with the registration
and sale of the Shares covered by this prospectus. The Selling Stockholders reserve the right to accept and, together with their respective
agents, to reject, any proposed purchases of Shares to be made directly or through agents.
The Shares offered by this prospectus may be
sold from time to time to purchasers:
|
|
●
|
directly by the Selling Stockholders, or
|
|
|
●
|
through underwriters, broker-dealers or agents, who may receive compensation in the form of discounts, commissions or agent’s commissions from the Selling Stockholders or the purchasers of the Shares.
|
Any underwriters, broker-dealers
or agents who participate in the sale or distribution of the Shares may be deemed to be “underwriters” within the meaning
of the Securities Act. As a result, any discounts, commissions or concessions received by any such broker-dealer or agents who are deemed
to be underwriters will be deemed to be underwriting discounts and commissions under the Securities Act. Underwriters are subject to the
prospectus delivery requirements of the Securities Act and may be subject to certain statutory liabilities under the Securities Act and
the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We will make copies of this prospectus available
to the Selling Stockholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act. To our knowledge,
there are currently no plans, arrangements or understandings between the Selling Stockholders and any underwriter, broker-dealer or agent
regarding the sale of the Shares by the Selling Stockholders.
The Shares may be sold in one or more transactions
at:
|
|
●
|
prevailing market prices at
the time of sale;
|
|
|
●
|
prices related to such prevailing
market prices;
|
|
|
●
|
varying prices determined at
the time of sale; or
|
These sales may be effected in one or more
transactions:
|
|
●
|
on any national securities
exchange or quotation service on which the Shares may be listed or quoted at the time of sale, including Nasdaq;
|
|
|
●
|
in the over-the-counter market;
|
|
|
●
|
in transactions otherwise than
on such exchanges or services or in the over-the-counter market;
|
|
|
●
|
any other method permitted
by applicable law; or
|
|
|
●
|
through any combination of
the foregoing.
|
These transactions may
include block transactions or crosses. Crosses are transactions in which the same broker acts as an agent on both sides of the trade.
At the time a particular
offering of the Shares is made, a prospectus supplement, if required, will be distributed, which will set forth the name of the Selling
Stockholders, the aggregate amount of Shares being offered and the terms of the offering, including, to the extent required, (1) the name
or names of any underwriters, broker-dealers or agents, (2) any discounts, commissions and other terms constituting compensation from
the Selling Stockholders and (3) any discounts, commissions or concessions allowed or reallowed to be paid to broker-dealers.
The Selling Stockholders
will act independently of us in making decisions with respect to the timing, manner, and size of each resale or other transfer. There
can be no assurance that the Selling Stockholders will sell any or all of the Shares under this prospectus. Further, we cannot assure
you that the Selling Stockholders will not transfer, distribute, devise or gift the Shares by other means not described in this prospectus.
In addition, any Shares covered by this prospectus that qualify for sale under Rule 144 of the Securities Act may be sold under Rule 144
rather than under this prospectus. The Shares may be sold in some states only through registered or licensed brokers or dealers. In addition,
in some states the Shares may not be sold unless they have been registered or qualified for sale or an exemption from registration or
qualification is available and complied with.
The Selling Stockholders
and any other person participating in the sale of the Shares will be subject to the Exchange Act. The Exchange Act rules include, without
limitation, Regulation M, which may limit the timing of purchases and sales of any of the Shares by the Selling Stockholders and any other
person. In addition, Regulation M may restrict the ability of any person engaged in the distribution of the Shares to engage in market-making
activities with respect to the particular Shares being distributed. This may affect the marketability of the Shares and the ability of
any person or entity to engage in market-making activities with respect to the Shares.
The Selling Stockholders
may indemnify any broker or underwriter that participates in transactions involving the sale of the Shares against certain liabilities,
including liabilities arising under the Securities Act.
LEGAL MATTERS
The validity of the issuance of the securities
offered by this prospectus will be passed upon for us by Sichenzia Ross Ference LLP, New York, New York.
EXPERTS
The consolidated financial
statements of Cyngn Inc. as of December 31, 2020 and 2019 and for each of the two years in the period ended December 31, 2020, and for
each of the years in the two-year period ended December 31, 2020, included in our prospectus dated October 19, 2021, which is incorporated
herein by reference, have been audited by Marcum LLP, independent registered public accounting firm, as set forth in their report thereon,
which is incorporated herein by reference given on the authority of such firm as experts in accounting and auditing.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents
filed with the SEC are hereby incorporated by reference in this prospectus:
|
|
a)
|
The Registrant’s prospectus filed on or about October 21, 2021 pursuant to Rule 424(b) under the Securities Act, relating to the Registration Statement on Form S-1, as amended (File No. 333-259278);
|
|
|
b)
|
All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the Registrant’s prospectus referred to in (a) above, including the Company’s quarterly report on Form 10-Q filed with the SEC on November 19, 2021;
|
|
|
c)
|
The description of the Registrant’s common stock which is contained in the Registrant’s registration statement on Form S-1 (File No. 333-259278) filed September 3, 2021, including any amendment or report filed for the purpose of updating such description; and
|
|
|
d)
|
All other reports and documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act (other than Current Reports furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits furnished on such form that relate to such items) on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part of this Registration Statement from the date of the filing of such reports and documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document that also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
|
DISCLOSURE
OF COMMISSION POSITION ON INDEMNIFICATION
FOR
SECURITIES ACT LIABILITIES
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the
registrant, the registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed
in the Securities Act and is therefore unenforceable.
WHERE
YOU CAN FIND MORE INFORMATION
We
file annual, quarterly and other reports, proxy statements and other information with the SEC. Our SEC filings are available to the public
over the Internet at the SEC’s website at http://www.sec.gov. Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K, including any amendments to those reports, and other information that we file with or furnish to the SEC
pursuant to Section 13(a) or 15(d) of the Exchange Act can also be accessed free of charge by linking directly from our website at thecoretecgroup.com.
These filings will be available as soon as reasonably practicable after we electronically file such material with, or furnish it to,
the SEC. Information contained on our website is not part of this prospectus.
The
Registrant hereby undertakes to provide without charge to each person, including any beneficial owner, to whom a copy of this prospectus
is delivered, upon written or oral request of any such person, a copy of any and all of the information that has been incorporated by
reference in this prospectus but not delivered with the prospectus other than the exhibits to those documents, unless the exhibits are
specifically incorporated by reference into the information that this prospectus incorporates. Requests for documents should be directed
to Cyngn Inc., Attention: Investor Relations, 1015 O’Brien Dr., Menlo Park, CA 94025, (650) 924-5905.
CYNGN
INC.
UP
TO 7,654,477 SHARES OF COMMON STOCK
REOFFER
PROSPECTUS
January 12, 2022
Part
II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The
following documents filed by the Registrant with the Securities and Exchange Commission (the “SEC”) are incorporated
by reference into this Registration Statement:
(a)
The Registrant’s latest Annual Report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”) or latest prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as
amended (the “Securities Act”), that contains audited financial statements for the Registrant’s latest fiscal year
for which such statements have been filed;
(b)
All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the Registrant’s
latest annual report or prospectus referred to in (a) above;
(c)
The description of the Registrant’s common stock which is contained in the Registrant’s registration statement on Form
S-1 (File No. 333-259278) filed September 3, 2021, including any amendment or report filed for the purpose of updating such description.
(d) The Company’s current reports on Form 8-K
filed on November 4, 2021, November 19, 2021 and January 6, 2022.
(e) All other reports and documents subsequently
filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act (other than Current Reports furnished under
Item 2.02 or Item 7.01 of Form 8-K and exhibits furnished on such form that relate to such items) on or after the date of this Registration
Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered
have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to
be a part of this Registration Statement from the date of the filing of such reports and documents. Any statement contained in a document
incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any subsequently filed document that also is deemed to be incorporated
by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as
so modified or superseded, to constitute a part of this Registration Statement.
ITEM
4. DESCRIPTION OF SECURITIES
Not
applicable.
ITEM 5. INTERESTS OF NAMES EXPERTS AND COUNSEL
Not
applicable.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
As
permitted by Delaware law, our certificate of incorporation provides that no director will be liable to us or our stockholders for monetary
damages for breach of certain fiduciary duties as a director. The effect of this provision is to restrict our rights and the rights of
our stockholders in derivative suits to recover monetary damages against a director for breach of certain fiduciary duties as a director,
except that a director will be personally liable for:
|
|
●
|
any breach of his or her
duty of loyalty to us or our stockholders;
|
|
|
|
|
|
|
●
|
acts or omissions not in
good faith which involve intentional misconduct or a knowing violation of law;
|
|
|
|
|
|
|
●
|
the payment of dividends
or the redemption or purchase of stock in violation of Delaware law; or
|
|
|
|
|
|
|
●
|
any transaction from which
the director derived an improper personal benefit.
|
This
provision does not affect a director’s liability under the federal securities laws.
At
present, we maintain directors’ and officers’ liability insurance in order to limit the exposure to liability for indemnification
of directors and officers, including liabilities under the Securities Act.
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED
Not
applicable.
ITEM 8. EXHIBITS
ITEM 9. UNDERTAKINGS
|
1.
|
The undersigned Registrant
hereby undertakes:
|
|
|
(a)
|
To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
|
|
|
(i)
|
To
include any prospectus required by Section 10(a)(3) of the Securities Act;
|
|
|
(ii)
|
To
reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum
aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective Registration Statement.
|
|
|
(iii)
|
To
include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
or any material change to such information in the Registration Statement;
|
|
|
|
|
Provided,
however, that paragraphs (a)(i) and (a)(ii) do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the Securities and Exchange Commission by the Registrant pursuant
to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.
|
|
(b)
|
That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a
new Registration Statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.
|
|
|
(c)
|
To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.
|
|
2.
|
The undersigned Registrant
hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant’s
annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
in the Registration Statement shall be deemed to be a new Registration Statement relating to the securities offered herein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
|
|
3.
|
Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will,
unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.
|
SIGNATURES
Pursuant to the requirements of the Securities Act
of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in Menlo Park, CA, on this 12th day of January, 2022.
|
|
CYNGN, INC.
|
|
|
|
|
|
By:
|
/s/
Lior Tal
|
|
|
|
Lior Tal
|
|
|
|
Chief Executive Officer
|
POWER
OF ATTORNEY
KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Lior Tal, as his or her true and
lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in their name, place and
stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement,
and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and
thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or his or her substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities
and on the dates indicated.
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
/s/ Lior Tal
|
|
Chief Executive Officer & Chairman of the
|
|
January 12, 2022
|
|
Lior Tal
|
|
Board of Directors and Director (Principal Executive Officer)
|
|
|
|
|
|
|
|
|
|
/s/ Donald Alvarez
|
|
Chief Financial Officer
|
|
January 12, 2022
|
|
Donald Alvarez
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
|
|
|
|
/s/ Mitch Lasky
|
|
Director
|
|
January 12, 2022
|
|
Mitch Lasky
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Karen Macleod
|
|
Director
|
|
January 12, 2022
|
|
Karen Macleod
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Colleen Cunningham
|
|
Director
|
|
January 12, 2022
|
|
Colleen Cunningham
|
|
|
|
|
|
|
|
|
|
|
|
/s/ James McDonnell
|
|
Director
|
|
January 12, 2022
|
|
James McDonnell
|
|
|
|
|
II-4
