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Cyngn Announces Reverse Stock Split

Cyngn today announced that it will proceed with a 1-for-100 reverse stock split.

Cyngn |

MENLO PARK, Calif., July 2, 2024 - 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 and outstanding will be combined automatically into 1 share of Common Stock. The Reverse Stock Split will apply equally to all outstanding shares of Common Stock and each stockholder will hold the same percentage Common Stock outstanding immediately following the Reverse Stock Split, except for adjustments that may result from the treatment of fractional shares. No fractional shares will be issued in connection with the Reverse Stock Split, instead fractional shares will be rounded up. Additionally, all equity awards and warrants outstanding immediately prior to the Reverse Stock Split will be proportionately adjusted.

Continental Stock Transfer and Trust is acting as the exchange agent and transfer agent for the Reverse Stock Split. Stockholders holding their shares electronically in book-entry form are not required to take any action to receive post-split shares. The Company does not have any outstanding certificated shares. Shareholders owning shares through a bank, broker or other nominee will have their positions adjusted to reflect the Reverse Stock Split in accordance with their respective bank’s, broker’s, or nominee’s particular processes.

Additional information about the Reverse Stock Split can be found in Cyngn’s definitive proxy statement (Form DEF 14A) filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 21, 2024 and on Cyngn’s Investor Relations website at investors@cyngn.com.

About Cyngn

Cyngn builds and deploys Autonomous DriveMod Tuggers for industrial organizations. The Company addresses significant challenges facing industrial operations today, including labor shortages and costly safety incidents.

The Autonomous DriveMod Tugger automates the repetitive material handling routes that keep manufacturing and warehouse floors running, without high upfront costs or infrastructure installation, and targets a typical payback period of less than two years.

Through EasyLaunch™, the Company's deployment program, customers can put one tugger on a single route for one monthly payment, with no capital expenditure and no long-term commitment.

Investor Contact

Natalie Russell, CFO

Media Contact

Luke Renner, Head of Marketing

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 Securities and Exchange Commission (SEC), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 26, 2026. 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.

Press Release Disclosure

This blog post is provided for informational purposes only and is being cross-posted from the investor relations site as a courtesy. In the event of a discrepancy between what you see here and what you will find the investor relations site, the latter version shall control. You may find that version here: https://investors.cyngn.com/press-releases.

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