MENLO
PARK, Calif., July 2, 2024
/PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn")
(Nasdaq: CYN) today announced that it will proceed
with a 1-for-100 reverse stock split ("Reverse Stock Split") of its
outstanding shares of Common Stock following approval by its Board
of Directors. This ratio is within the ratio range approved by
stockholders at the Company's annual stockholder meeting held on
June 25, 2024.
The Reverse Stock Split is expected to become effective at
5 p.m., Eastern Time, on July 3, 2024. Cyngn expects the Company's Common
Stock will begin trading on a post-split basis at the market open
on July 5, 2024, under the symbol
"CYN" with the new CUSIP number 23257B 206. The primary objective of the Reverse
Stock Split is to increase the per share market price of the Common
Stock to regain compliance with the minimum bid price requirement
for continued listing on the Nasdaq Capital Market.
When the Reverse Stock Split is effective, every 100
shares of Cyngn Common Stock issued and outstanding will be
combined automatically into 1 share of Common Stock. The Reverse
Stock Split will apply equally to all outstanding shares of Common
Stock and each stockholder will hold the same percentage Common
Stock outstanding immediately following the Reverse Stock Split,
except for adjustments that may result from the treatment of
fractional shares. No fractional shares will be issued in
connection with the Reverse Stock Split, instead fractional shares
will be rounded up. Additionally, all equity awards and warrants
outstanding immediately prior to the Reverse Stock Split will be
proportionately adjusted.
Continental Stock Transfer and Trust is acting as the
exchange agent and transfer agent for the Reverse Stock Split.
Stockholders holding their shares electronically in book-entry form
are not required to take any action to receive post-split shares.
The Company does not have any outstanding certificated shares.
Shareholders owning shares through a bank, broker or other nominee
will have their positions adjusted to reflect the Reverse Stock
Split in accordance with their respective bank's, broker's, or
nominee's particular processes.
Additional information about the Reverse Stock Split can
be found in Cyngn's definitive proxy statement (Form DEF 14A) filed
with the U.S. Securities and Exchange Commission (the "SEC") on
May 21, 2024 and on Cyngn's Investor
Relations website at investors@cyngn.com.
About Cyngn
Cyngn develops and deploys scalable, differentiated
autonomous vehicle technology for industrial organizations. Cyngn's
self-driving solutions allow existing workforces to increase
productivity and efficiency. The Company addresses significant
challenges facing industrial organizations today, such as labor
shortages, costly safety incidents, and increased consumer demand
from eCommerce.
Cyngn's DriveMod Kit can be installed on new industrial
vehicles at end of line or via retrofit, empowering customers to
seamlessly adopt self-driving technology into their operations
without high upfront costs or the need to completely replace
existing vehicle investments.
Cyngn's flagship product, its Enterprise Autonomy Suite,
includes DriveMod (autonomous vehicle system), Cyngn Insight
(customer-facing suite of AV fleet management, teleoperation, and
analytics tools), and Cyngn Evolve (internal toolkit that enables
Cyngn to leverage data from the field for artificial intelligence,
simulation, and modeling).
Where to Find Cyngn
-
Website: https://cyngn.com
-
Twitter: http://twitter.com/cyngn
-
LinkedIn: https://www.linkedin.com/company/cyngn
-
YouTube: https://www.youtube.com/@cyngnhq
Investor
Contact:
Don
Alvarez
investors@cyngn.com
Media
Contact
Luke
Renner
media@cyngn.com
Forward-Looking Statements
This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Any
statement that is not historical in nature is a forward-looking
statement and may be identified by the use of words and phrases
such as "expects," "anticipates," "believes," "will," "will likely
result," "will continue," "plans to," "potential," "promising," and
similar expressions. These statements are based on management's
current expectations and beliefs and are subject to a number of
risks, uncertainties and assumptions that could cause actual
results to differ materially from those described in the
forward-looking statements, including the risk factors described
from time to time in the Company's reports to the SEC, including,
without limitation the risk factors discussed in the Company's
annual report on Form 10-K filed with the SEC
on March 7,
2024. Readers are cautioned that
it is not possible to predict or identify all the risks,
uncertainties and other factors that may affect future results No
forward-looking statement can be guaranteed, and actual results may
differ materially from those projected. Cyngn undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events, or
otherwise.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cyngn-announces-reverse-stock-split-302186096.html
SOURCE Cyngn