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PARK, Calif., July 22,
2024 /PRNewswire/ -- Cyngn Inc. (Nasdaq: CYN) (or the
"Company") announced today that it has received a notice from
Nasdaq confirming that the Company has regained compliance with the
Nasdaq's Capital Market's minimum bid price requirement of
$1.00 per share. The notice from
Nasdaq indicates that the Company is in compliance with the Nasdaq
Capital Market's listing requirements and the Company's common
stock will continue to be listed and traded on Nasdaq.
In addition to achieving compliance with NASDAQ's listing
standards, Cyngn confirms that despite recently receiving approval
from shareholders to increase authorized shares outstanding, the
Company has chosen not to proceed with this authorization at this
time. This decision reflects Cyngn's strategy to maintain a
disciplined approach to capital structure and shareholder
dilution.
"We are pleased to have regained compliance with Nasdaq's
listing standards," said Lior Tal,
CEO of Cyngn. "We are committed to maintaining the trust and
confidence of our shareholders so that we can continue to focus on
our strategic objectives and delivering value to our
shareholders.
Cyngn remains dedicated to advancing its mission of developing
cutting-edge autonomous driving technology for industrial and
commercial applications. The company looks forward to continued
progress and delivering value to its shareholders.
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