Cyngn Regains Nasdaq Compliance and Confirms No Increase in Authorized Shares

MENLO 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.

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).

• 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
[email protected] 

Media Contact
Luke Renner
[email protected] 

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.

SOURCE Cyngn