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Cyngn Inc. (CYN) develops autonomous driving systems that transform industrial vehicles through AI and computer vision. This news hub provides investors and industry professionals with official updates on technological advancements, strategic partnerships, and commercial deployments.
Discover press releases covering DriveMod solution enhancements, enterprise autonomy developments, and cross-industry applications in manufacturing, logistics, and defense sectors. Track milestones in NVIDIA-powered computer vision innovations and retrofittable automation kits.
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Cyngn has announced a important shareholder meeting on June 25, 2024. The meeting will focus on granting discretionary authority to the Board of Directors for a reverse stock split, aiming to comply with Nasdaq's $1 minimum bid price requirement before the late August deadline. Despite significant progress, Cyngn has not met this requirement organically, and a reverse split is now considered necessary.
Additionally, shareholders will vote on amending the articles of incorporation to increase authorized common stock from 200 million to 400 million shares. This increase is contingent on meeting the bid price requirement organically and will not be used alongside the reverse split. The company emphasizes the need for shareholder support to maintain access to capital and avoid down-listing to an over-the-counter exchange.
Cyngn announced significant milestones for the first quarter of 2024. Key achievements include joining John Deere's supply base and deploying DriveMod Tuggers in Dubuque, IA. The company renewed its contract with US Continental following a study revealing a 4x efficiency gain in their autonomous vehicles. Initial deployment was also completed with Rivian. Cyngn expanded its distributor network through a partnership with RobotLAB and aligned with Nvidia to enhance DriveMod's AI. The company premiered the DriveMod Tugger at MODEX alongside Motrec and secured its 19th US patent. They also launched an 'auto-unhitch' feature to further enhance operational efficiency.
RobotLAB and Cyngn have partnered to expand the distribution of Cyngn's autonomous DriveMod Tugger vehicles. This collaboration was highlighted at the 2024 Automate Show. Cyngn chose RobotLAB due to its extensive experience in deploying over 10,000 robots globally. RobotLAB will incorporate Cyngn's self-driving vehicles into its portfolio, catering to large-scale manufacturers and warehouse businesses. This partnership aims to address labor shortages, safety issues, and rising e-commerce demands by improving productivity and efficiency on manufacturing floors. Cyngn’s CEO, Lior Tal, emphasized the potential for rapid commercial growth through RobotLAB’s network.
Cyngn Inc. reported its Q1 2024 financial results, highlighting achievements like joining John Deere supply base, renewing deployment contracts, and receiving new patents. The company's CEO expressed confidence in continued growth and improved sales processes. However, Q1 revenue decreased to $5.5 thousand from $872.8 thousand in 2023, with a net loss of $(6.0) million. Cyngn's cash and short-term investments decreased to $4.8 million at the end of Q1 2024.
Cyngn Inc., a developer of AI-powered autonomous driving software solutions, announced the exercise of the underwriter's over-allotment option, resulting in the purchase of an additional 2,040,000 shares of common stock at $0.10 per share. The total gross proceeds from the offering amount to approximately $5.2 million. Aegis Capital Corp. served as the sole bookrunner for the offering.
Cyngn Inc. (Nasdaq: CYN) will release its fiscal first quarter 2024 financial results on May 8, 2024, after the market closes. The results can be accessed on the Cyngn website.
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