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Cyngn Declares Pro Rata Dividend of Common Stock

Cyngn decares pro rata dividend of common stock.

Cyngn |

MENLO PARK, Calif., Oct. 2, 2023 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN), a developer of AI-powered autonomous driving solutions for industrial applications, today announced that its board of directors has approved a pro rata 10% dividend of its common stock. The dividend will be paid on October 30, 2023 (the "Distribution Date") to all holders of record of the Company's common stock as of the close of business on October 23, 2023 (the "Record Date"). 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 not be distributed to Cyngn stockholders.  Instead, the fractional shares of Cyngn common stock will be rounded up to receive one whole share of Cyngn common stock.

Lior Tal, Chairman and CEO of the Company stated, "The Board is very pleased with the progress the Company made in since its IPO in 2021, especially with the recent economic and market challenges. We are proud of our Company, our staff, and our customers and partners as we all worked to achieve and even exceed the goals we outlined at the time went public. By declaring this first-time stock dividend it's our way of rewarding and thanking our shareholders for their continued support."

The Board will continue to consider future stock dividends going forward.  Any future dividend would be based on all outstanding shares including those issued as a result of this stock dividend, although that of any dividends will be based on the Company's financial condition and other related factors at that time.

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).

Investor Contact:

Don Alvarez

Media Contact:

Luke Renner

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 (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 7, 2024. 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.

Cautionary Note. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Cyngn is not responsible for the contents of third-party websites.

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