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PARK, Calif., Feb. 13,
2025 /PRNewswire/ -- Cyngn Inc. (the "Company" or
"Cyngn") (Nasdaq: CYN) today announced that it will proceed
with a 1-for-150 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 special stockholder meeting held
on January 30, 2025.
Cyngn expects the Company's Common Stock will begin trading on a
post-split basis at the market open on February 18, 2025, and
continue to be traded under the symbol "CYN" with a new CUSIP
number 23257B 305. 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 and maintain the
listing of its common stock on the Nasdaq Capital Market.
When the Reverse Stock Split is effective, every 150 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 shall be issued in connection with the
Reverse Stock Split. In lieu thereof, if, upon aggregating all of
the shares of Common Stock held by a record holder of Common Stock
immediately following the Reverse Stock Split such holder would
otherwise be entitled to a fractional share of Common Stock, as a
result of the Reverse Stock Split, the Company shall issue to such
holder an additional fraction of a share of Common Stock as is
necessary to round the number of shares of Common Stock, held by
such holder up to the nearest whole share. The Company does not
intend to round up fractional shares at the beneficial level and
will instead round any such fractional shares up at the participant
level. All equity awards and warrants outstanding immediately prior
to the Reverse Stock Split will be proportionately adjusted to
reflect the Reverse Stock Split.
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.
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 January 6, 2025 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.
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SOURCE Cyngn
