Cyngn Inc. - CYN STOCK NEWS

Cyngn Inc. (Nasdaq: CYN) has been granted its 21st U.S. patent, enhancing its autonomous vehicle (AV) technology. The new patent, numbered 12,039,867, introduces a method to improve AV performance in real-world environments. It enables AVs to detect objects and make informed decisions on interacting with them safely, while integrating specific driving rules with broader traffic regulations.

Since August 2023, Cyngn has secured eleven additional patents, bringing its total to 21. This latest patent is part of Cyngn's intellectual property strategy, following the recent announcement of its 20th patent. The company's CEO, Lior Tal, expressed satisfaction with the team's advancements and innovation speed, highlighting that these patents form the cornerstone of Cyngn's growth strategy.

Cyngn Inc. (Nasdaq: CYN) has announced the expansion of its dealer network to include Raymond West, a leading distributor of intralogistics solutions with over $800 million in annual revenue. Raymond West will begin selling Cyngn's autonomous DriveMod Tugger, which integrates Cyngn's AV technology with Motrec's MT-160.

The decision came after a successful summit at Cyngn's headquarters, where key decision-makers experienced the company's autonomous mobile robots firsthand. Marc Breton, VP of Sales at Motrec, stated that they've identified several customers who could benefit from the DriveMod Tugger, highlighting the revolutionary impact of autonomous industrial vehicle technology in manufacturing and logistics facilities.

Cyngn plans to continue expanding its Dealer Network by adding more distribution and integration partners in the future.

Cyngn Inc. (Nasdaq: CYN) has announced the successful completion of the first build of its next-generation 12,000 lb DriveMod Tugger at the facility of its OEM partner, Motrec International Inc. This milestone marks an upgrade from 6,000 lb to 12,000 lb towing capacity and represents progress in integrating Cyngn's DriveMod technology with Motrec's MT-160 tow tractor at scale.

The collaboration aims to reduce production costs and streamline logistics for end customers. The DriveMod Tugger, designed for repetitive hauling tasks, features automatic unhitching, ruggedized touch-screen interfaces, safety lights, and the Cyngn Insight fleet management software. These tuggers are already deployed at customer facilities and available for sale.

Cyngn Inc. (Nasdaq: CYN) has announced an expansion of its AI-powered autonomous driving solution, DriveMod, to include outdoor operations. This development comes in response to increased demand from businesses facing challenges in efficiently moving materials across large, multi-building facilities. The enhanced DriveMod Tugger will now be capable of seamlessly transitioning between indoor and outdoor environments, allowing organizations to automate repetitive workflows and optimize resource allocation.

This expansion addresses a significant pain point for businesses, particularly in logistics, manufacturing, and distribution sectors, where time-consuming material transport between buildings results in lost productivity. By automating these tasks, Cyngn aims to help companies eliminate inefficiencies and redirect workers to higher-value responsibilities, potentially unlocking substantial cost savings and operational improvements.

Cyngn Inc. (Nasdaq: CYN) has been granted its 20th U.S. patent, showcasing continued innovation in autonomous vehicle technology. The new patent, U.S. Patent No. 12,032,099, introduces a method to maintain sensor data accuracy in moving autonomous vehicles by integrating advanced LiDAR and image technologies.

Key features of the patent include:

• Comprehensive environmental data capture
• Time delay compensation between data acquisition and processing
• Dynamic motion model generation based on real-time sensor movements
• Enhanced reliability and precision of sensor data in dynamic environments

This achievement follows 16 U.S. patents granted to Cyngn in 2023, reinforcing the company's commitment to building a robust intellectual property portfolio in the AV industry.

Cyngn Inc. (Nasdaq: CYN) has successfully regained compliance with Nasdaq's Capital Market's minimum bid price requirement of $1.00 per share. This ensures the company's continued listing and trading on Nasdaq. Cyngn has also decided not to proceed with the previously approved increase in authorized shares, demonstrating a commitment to maintaining a disciplined approach to capital structure and minimizing shareholder dilution.

CEO Lior Tal expressed satisfaction with regaining Nasdaq compliance and emphasized the company's dedication to maintaining shareholder trust and confidence. Cyngn remains focused on developing autonomous driving technology for industrial and commercial applications, aiming to deliver value to its shareholders through continued progress in this field.

Cyngn (Nasdaq: CYN) has announced the inclusion of Alta Equipment Group in its dealer network, enabling Alta to sell Cyngn's autonomous DriveMod Tugger. This partnership leverages Alta's extensive North American reach and robust sales record. The DriveMod Tugger integrates Cyngn's autonomous vehicle tech with Motrec's MT-160, known for its high towing capacity.

This move follows Cyngn's recent launch of the DriveMod Tugger and the Cyngn Dealer Network in fall 2023 and the addition of RobotLab. The decision came after a successful summit at Cyngn's Menlo Park headquarters. Cyngn aims to further grow its dealer network with more partners.

Cyngn announced the notice of allowance for its 21st U.S. patent, which enhances autonomous vehicle (AV) decision-making. This patent introduces an adaptive method for AVs to respond to detected objects. In 2023, Cyngn secured 16 U.S. patents, underscoring its commitment to innovation. CEO Lior Tal emphasized the company's focus on leading AV technology. This builds on previous milestones, including the NVIDIA-powered Computer Vision Technology in June and a 20th patent in April. This patent will bolster Cyngn's intellectual property portfolio, which includes extensive AV system advancements.

Cyngn announced a 1-for-100 reverse stock split of its outstanding Common Stock to regain compliance with Nasdaq's minimum bid price requirement. Approved by stockholders on June 25, 2024, the reverse split will be effective at 5 p.m. ET on July 3, 2024, with post-split trading starting July 5, 2024, under the symbol 'CYN' with a new CUSIP number 23257B 206. The reverse stock split will merge every 100 shares into 1, affecting all stockholders equally and proportionately adjusting equity awards and warrants. No fractional shares will be issued, with rounding up applied instead. Continental Stock Transfer and Trust will act as the exchange and transfer agent, and stockholders holding shares electronically need not take any action. More details are in Cyngn's definitive proxy statement filed with the SEC on May 21, 2024.