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PARK, Calif., Oct. 10,
2023 /PRNewswire/ -- Cyngn Inc. (the "Company"
or "Cyngn") (Nasdaq: CYN), a developer of AI-powered autonomous
driving solutions for industrial applications, recently announced a
pro rata 10% dividend of its common stock approved by its board of
directors. That announcement was made on the October 2, 2023 press release
referenced here.
Cyngn stockholders should be aware of the following dates:
October 20,
2023:
|
Ex-Dividend
Date1
|
October 23,
2023:
|
Record
Date2
|
October 30,
2023:
|
Distribution
Date3
|
Stockholders will receive one share of Cyngn common stock for
every ten shares of Cyngn common stock they hold on the Record
Date. Fractional shares of Cyngn common stock will be rounded
up to receive one whole share of Cyngn common stock.
Cyngn stockholders with a long position, defined as owning the
common stock, as of the record date will receive the stock
dividend. Stockholders with a short position, defined as
borrowing the common stock, will not qualify for the stock
dividend.
"The Company has achieved a number of milestones year-to-date
with several partnership announcements from both customers and OEMs
as well as 15 patents to-date," said Lior
Tal, Chairman and CEO of Cyngn, "We expect a strong finish
to 2023 and am pleased to reward and thank our stockholders for
their continued support with this first-time stock dividend."
- Ex-Dividend Date: is the day where if the investor purchases
Cyngn common stock before Oct.
20th, they will receive the stock dividend.
Shares purchased on Oct.
20th or later will not receive the dividend
benefit.
- Record Date: is the day on which Cyngn verifies its records
to identify stockholders of Cyngn.
- Distribution Date: is the day the stock dividend is paid out
to Cyngn stockholders.
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 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 17,
2023. 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