- Deadline for Cyngn stockholders to receive stock dividend
benefit is October 19, 2023
MENLO
PARK, Calif., Oct. 18,
2023 /PRNewswire/ -- Cyngn Inc. (the
"Company" or "Cyngn") (Nasdaq: CYN), a developer of AI-powered
autonomous driving solutions for industrial applications, reminds
investors that Thursday, October 19,
2023 will be the last business day for new and existing
Cyngn stockholders to purchase and own Cyngn common stock in order
to receive the benefit of our announced stock dividend. Cyngn's
stock transfer agent, Continental Stock Transfer & Trust will
identify all Cyngn stockholders on October
23, 2023 as the record date with the stock dividend to be
distributed on October 30, 2023 as
the distribution date.
Recall, the board of directors announced a pro rata 10% dividend
of its common stock on October 2,
2023 as referenced in the press release here.
Key Dates for Cyngn Stockholders:
October 19,
2023: Final Date for
Shareholders to Receive Stock Dividend
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.
- 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
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SOURCE Cyngn