Cyngn Announces Date for Third Quarter 2024 Financial Results and Withdrawal of Reg A Filing

Rhea-AI Summary

Cyngn (Nasdaq: CYN) has announced it will release its fiscal third quarter 2024 financial results on November 6, 2024, after market close. The results will cover the period ended September 30, 2024, and will be available on the company's investor website. Additionally, the company has withdrawn its Reg A filing that was originally submitted on August 15, 2024, despite receiving notification from the SEC that they had no further comments. The company will not host an earnings call for this quarter.

Positive

• None.

Negative

• Withdrawal of Reg A filing could indicate changes in capital raising strategy
• No earnings call scheduled, reducing transparency with investors

Insights

Financial Analyst

The withdrawal of the Regulation A filing, which would have allowed Cyngn to raise up to $75 million in capital through a simplified public offering process, signals a significant shift in the company's financing strategy. This decision, combined with the cancellation of the earnings call, raises concerns about transparency and could indicate underlying challenges. Regulation A offerings are typically used by smaller companies to raise capital with fewer regulatory burdens and the withdrawal suggests either a change in capital needs or potential alternative financing plans.

The lack of an earnings call removes an important channel for investor communication and limits the ability to gain deeper insights into the company's operational and financial performance. This reduced transparency may impact investor confidence and stock valuation in the near term.

Cyngn will announce its fiscal third quarter 2024 financial results for the period ended September 30, 2024, on Wednesday, November 6, 2024 and has withdrawn its Reg A Filing.

MENLO PARK, Calif., Oct. 30, 2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN) will announce its fiscal third quarter 2024 financial results for the period ended September 30, 2024, on Wednesday, November 6, 2024, after the close of market.  In addition, the Company today announced that despite having been notified by the SEC that they had no further comments on the Reg A filing that was originally filed on August 15, 2024, the Company has submitted a letter to the SEC withdrawing the Reg A filing. 

The financial results will be available on the Cyngn website under "News & Events" at https://investors.cyngn.com/. The Company will not host an earnings call.

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 Contact:
Don Alvarez
investors@cyngn.com               

Media Contact:
Luke Renner
media@cyngn.com

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 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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SOURCE Cyngn

FAQ

When will Cyngn (CYN) release Q3 2024 earnings?

Cyngn (CYN) will release its fiscal third quarter 2024 financial results on Wednesday, November 6, 2024, after market close.

Why did Cyngn (CYN) withdraw its Reg A filing in October 2024?

Cyngn withdrew its Reg A filing despite SEC having no further comments on the filing originally submitted on August 15, 2024. The specific reason for withdrawal was not disclosed.

Will Cyngn (CYN) host an earnings call for Q3 2024?

No, Cyngn has announced it will not host an earnings call for the third quarter 2024 results.