MENLO PARK, Calif. Oct. 10, 2023 – 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.”
1. 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.
2. Record Date: is the day on which Cyngn verifies its records to identify stockholders of Cyngn.
3. Distribution Date: is the day the stock dividend is paid out to Cyngn stockholders.