Empery Asset Management Discloses 7.7M Share Stake in Cyngn (CYN)
Ticker: CYN · Form: SC 13G · Filed: Jan 10, 2024 · CIK: 1874097
Complexity: simple
Sentiment: bullish
Topics: institutional-ownership, insider-buy, warrants, investment-firm
TL;DR
**Empery Asset Management just revealed a huge stake in Cyngn, signaling big institutional confidence.**
AI Summary
Empery Asset Management, LP, a Delaware-based investment firm, has reported beneficial ownership of 7,707,422 shares of Cyngn Inc. (CYN) common stock as of December 31, 2023. This includes 2,107,680 shares of common stock and 5,599,742 shares issuable from pre-funded warrants. This significant stake, representing a substantial portion of Cyngn's outstanding shares, indicates a strong vote of confidence from a major institutional investor, which could signal potential future growth or stability for current and prospective shareholders.
Why It Matters
This filing reveals a major institutional investor, Empery Asset Management, has taken a significant position in Cyngn, which can be seen as a positive signal of confidence in the company's future prospects.
Risk Assessment
Risk Level: low — The filing indicates a significant institutional investment, which generally reduces perceived risk due to increased institutional backing.
Analyst Insight
A smart investor would view this significant institutional investment as a positive indicator, potentially signaling a deeper dive into Cyngn's fundamentals and future prospects, as large institutional positions often precede positive developments or increased stability.
Key Numbers
- 7,707,422 shares — Total beneficial ownership (Represents the combined common stock and shares from pre-funded warrants held by Empery Asset Management in Cyngn Inc.)
- 2,107,680 shares — Common Stock (Directly owned common stock by Empery Asset Management.)
- 5,599,742 shares — Pre-Funded Warrants (Shares of common stock that can be obtained by exercising pre-funded warrants held by Empery Asset Management.)
- December 31, 2023 — Reporting Date (The specific date as of which Empery Asset Management's ownership was reported.)
Key Players & Entities
- Empery Asset Management, LP (company) — the reporting person and institutional investor
- Cyngn Inc. (company) — the subject company whose securities are being reported
- 2,107,680 shares (dollar_amount) — common stock beneficially owned by Empery Asset Management
- 5,599,742 shares (dollar_amount) — common stock issuable upon exercise of Pre-Funded Warrants
- December 31, 2023 (date) — the date of the event requiring the filing
- Delaware (company) — state of organization for Empery Asset Management, LP
Forward-Looking Statements
- Cyngn Inc. (CYN) stock may experience increased investor confidence due to the significant institutional backing from Empery Asset Management. (Cyngn Inc.) — medium confidence, target: Q1 2024
- Empery Asset Management may seek to influence Cyngn's corporate strategy given their substantial ownership stake. (Empery Asset Management, LP) — low confidence, target: Next 12 months
FAQ
Who is the reporting person in this SC 13G filing?
The reporting person is Empery Asset Management, LP, a company organized in Delaware, as stated in Item 1 and the 'FILED BY' section of the filing.
What is the subject company whose securities are being reported?
The subject company is Cyngn Inc., with a CIK of 0001874097, as identified in the 'SUBJECT COMPANY' section and the 'Name of Issuer' on the Schedule 13G.
How many shares of common stock does Empery Asset Management, LP beneficially own with shared voting power?
Empery Asset Management, LP beneficially owns 2,107,680 shares of Common Stock with shared voting power, as detailed in Item 6 of the filing.
What other securities does Empery Asset Management, LP hold that are convertible into Cyngn Inc. common stock?
Empery Asset Management, LP holds 5,599,742 shares of Common Stock issuable upon exercise of Pre-Funded Warrants, as noted in Item 6 of the filing.
What was the date of the event that required this SC 13G filing?
The date of the event which required the filing of this statement was December 31, 2023, as specified on the cover page of the Schedule 13G.
Filing Stats: 2,533 words · 10 min read · ~8 pages · Grade level 11.5 · Accepted 2024-01-10 09:00:14
Key Financial Figures
- $0.00001 — Inc. (Name of Issuer) Common Stock, $0.00001 par value (Title of Class of Securitie
Filing Documents
- p24-0055sc13g.htm (SC 13G) — 80KB
- 0000902664-24-000108.txt ( ) — 82KB
(a)
Item 1(a). NAME OF ISSUER: The name of the issuer is Cyngn Inc. (the " Company ").
(b)
Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: The Company's principal executive offices are located at 1015 O'Brien Drive, Menlo Park, CA 94025.
(a)
Item 2(a). NAME OF PERSON FILING: This statement is filed by the entities and persons listed below, who are collectively referred to herein as " Reporting Persons ," with respect to the Common Stock (as defined in Item 2(d) below) of the Company: Investment Manager (i)Empery Asset Management, LP (the " Investment Manager "), with respect to the shares of Common Stock held by, and underlying the Reported Warrants (as defined below) held by, funds to which the Investment Manager serves as investment manager (the " Empery Funds "). Reporting Individuals (ii)Mr. Ryan M. Lane (" Mr. Lane "), with respect to the shares of Common Stock held by, and underlying the Reported Warrants held by, the Empery Funds. (iii)Mr. Martin D. Hoe (" Mr. Hoe "), with respect to the shares of Common Stock held by, and underlying the Reported Warrants held by, the Empery Funds. The Investment Manager serves as the investment manager to each of the Empery Funds. Each of Mr. Lane and Mr. Hoe (the " Reporting Individuals ") is a Managing Member of Empery AM GP, LLC (the " General Partner "), the general partner of the Investment Manager.
(b)
Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: The address of the business office of each of the Reporting Persons is: 1 Rockefeller Plaza, Suite 1205 New York, New York 10020 CUSIP No. 23257B107 13G Page 6 of 10 Pages
(c)
Item 2(c). CITIZENSHIP: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)
Item 2(d). TITLE OF CLASS OF SECURITIES: Common Stock, $0.00001 par value (the " Common Stock ")
(e)
Item 2(e). CUSIP NUMBER: 23257B107 Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) ¨ Broker or dealer registered under Section 15 of the Act, (b) ¨ Bank as defined in Section 3(a)(6) of the Act, (c) ¨ Insurance Company as defined in Section 3(a)(19) of the Act, (d) ¨ Investment Company registered under Section 8 of the Investment Company Act of 1940, (e) x Investment Adviser registered under Section 203 of the Investment Advisers Act of 1940, (f) ¨ Employee Benefit Plan or Endowment Fund in accordance with Rule 13d1(b)(1)(ii)(F), (g) ¨ Parent Holding Company or control person in accordance with Rule 13d1(b)(1)(ii)(G), (h) ¨ Savings Association as defined in Section 3(b) of the Federal Deposit Insurance Act, (i) ¨ Church Plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940, (j) ¨ A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J); (k) ¨ Group, in accordance with Rule 13d-1(b)(1)(ii)(K). CUSIP No. 23257B107 13G Page 7 of 10 Pages If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution: Item 4. The information as of the date of the event which requires filing of this statement required by Items 4(a) – (c) is set forth in Rows 5 – 11 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The percentage set forth in Row 11 of the cover page for each Reporting Person is based on 53,273,756 shares of Common Stock issued and outstanding as of December 11, 2023, as represented in the Company's Prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b)(4) on December 11, 2023 and assumes the exercise of the Company's reported warrants (the " Report
SIGNATURES
SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. DATED: January 10, 2024 EMPERY ASSET MANAGEMENT, LP By: EMPERY AM GP, LLC, its General Partner By: /s/ Ryan M. Lane Name: Ryan M. Lane Title: Managing Member _/s/ Ryan M. Lane Ryan M. Lane _/s/ Martin D. Hoe Martin D. Hoe CUSIP No. 23257B107 13G Page 10 of 10 Pages EXHIBIT 1 JOINT ACQUISITION STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. DATED: January 10, 2024 EMPERY ASSET MANAGEMENT, LP By: EMPERY AM GP, LLC, its General Partner By: /s/ Ryan M. Lane Name: Ryan M. Lane Title: Managing Member /s/ Ryan M. Lane Ryan M. Lane /s/ Martin D. Hoe Martin D. Hoe