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Cyngn Announces Reverse Stock Split

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 ...