Cyngn Granted Extension for Continued Listing on Nasdaq

Rhea-AI Summary

Cyngn Inc. (Nasdaq: CYN) has secured a 180-day extension from Nasdaq to maintain its listing on the Nasdaq Capital Market, with a deadline of August 19, 2024, to meet the $1 minimum bid price per share requirement. The Company's Chairman and CEO, Lior Tal, expressed gratitude to Nasdaq and reaffirmed the company's dedication to rectifying the compliance issue while focusing on enhancing shareholder value.

Financial Analyst

Receiving an extension to remain listed on the Nasdaq Capital Market is a significant reprieve for Cyngn Inc., as it provides them with additional time to meet the exchange's minimum bid price requirement. This development is noteworthy for investors as it temporarily alleviates the risk of delisting, which could have led to reduced liquidity and investor access. It is imperative to scrutinize the company's strategic plan mentioned by the CEO to understand how they intend to increase their stock price and whether these strategies align with industry practices and have a history of success. Furthermore, investors should consider the historical stock performance and market conditions that led to the non-compliance issue, as these factors can offer insights into the company's potential to recover.

Market Research Analyst

From a market perspective, the extension granted to Cyngn Inc. suggests a level of confidence by Nasdaq in the company's ability to rectify its stock price issue. However, stakeholders should evaluate the broader industry trends to determine if Cyngn's situation is an outlier or indicative of sector-wide challenges. Understanding the competitive landscape and technological advancements within Cyngn's industry can shed light on the company's future prospects. Additionally, analyzing the stock's trading volume and investor sentiment post-announcement can provide insights into the market's perception of Cyngn's capability to improve its financial health and regain compliance.

Economist

From an economic standpoint, the extension is not only a tactical breathing space for Cyngn but also an indicator of the company's economic environment. The ability to regain compliance is often tied to broader economic conditions, such as investor confidence and capital market stability. It's important to consider macroeconomic factors, including interest rates and inflation, as they can significantly impact stock prices and investor behavior. An analysis of economic indicators can help predict whether the market will be conducive to Cyngn's efforts to increase its stock price and achieve compliance within the new timeframe.

MENLO PARK, Calif., Feb. 21, 2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN), today announced it has received an additional 180-day extension from Nasdaq to continue its listing on the Nasdaq Capital Market. The Company was given until August 19, 2024 to regain compliance with Nasdaq's $1 minimum bid price per share requirement.

"We are pleased with the extension and express our appreciation to Nasdaq," said Cyngn's Chairman and Chief Executive Officer, Lior Tal. "We are fully committed to addressing the compliance issue identified by Nasdaq as we continue to execute our strategic plan and actively work towards maximizing shareholder value."

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 for 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).

Find Cyngn on:

Website: https://cyngn.com

Twitter: http://twitter.com/cyngn

LinkedIn: https://www.linkedin.com/company/cyngn

YouTube: https://www.youtube.com/@cyngnhq

Investor/Media Contact:

Bill Ong, bill@cyngn.com; 650-204-1551

FORWARD-LOOKING STATEMENTS:

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. In addition, we cannot assure that any patent will issue as a result of a pending patent application or, if issued, whether it will issue in a form that will be advantageous to us. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Cyngn is not responsible for the contents of third-party websites.

View original content to download multimedia:https://www.prnewswire.com/news-releases/cyngn-granted-extension-for-continued-listing-on-nasdaq-302067909.html

SOURCE Cyngn

What extension did Cyngn Inc. receive from Nasdaq?

Cyngn Inc. received a 180-day extension from Nasdaq to maintain its listing on the Nasdaq Capital Market.

What is the deadline for Cyngn Inc. to meet Nasdaq's requirement?

The deadline for Cyngn Inc. to meet Nasdaq's $1 minimum bid price per share requirement is August 19, 2024.

Who is Cyngn Inc.'s Chairman and CEO?

Cyngn Inc.'s Chairman and CEO is Lior Tal.

What is Cyngn Inc.'s ticker symbol?

Cyngn Inc.'s ticker symbol is CYN.