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Cyngn Inc. (Nasdaq: CYN) is a leading developer of autonomous vehicle (AV) technology, specializing in industrial applications. Based in Silicon Valley, Cyngn focuses on creating AV solutions that enable significant productivity and efficiency gains for industrial organizations. The company’s flagship product is the Enterprise Autonomy Suite, which includes the DriveMod autonomous driving solution, Cyngn Insight for fleet management, and Cyngn Evolve for leveraging AI data.
DriveMod is a highly adaptable system that can be retrofitted onto a variety of vehicle types, making it a versatile choice for Original Equipment Manufacturers (OEMs) and numerous industrial environments. The system aims to tackle critical challenges such as labor shortages and costly safety incidents, particularly in sectors like material handling, manufacturing, and logistics.
Cyngn's recent achievements include a collaboration with the globally recognized brand, John Deere, and partnerships with industry leaders such as Motrec and RobotLAB. The company has also seen significant progress in its sales pipeline, quadrupling its opportunities year-over-year and reducing technical validation times markedly.
Financially, Cyngn recently raised $5 million through a public offering to support its ongoing projects and growth. The company's financial health is reinforced by a solid balance sheet, showing $4.8 million in cash and short-term investments as of March 31, 2024, with plans to enhance its capital position further.
Cyngn continues to innovate in the AV space, recently announcing its 20th patent and strategic collaboration with Nvidia to remain at the forefront of AI advancements. The company is dedicated to creating shareholder value and remains poised to capture an estimated market opportunity of over $268 billion in the industrial vehicle sector.
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.
Cyngn (Nasdaq: CYN) has announced advancements in its proprietary computer vision technology for industrial autonomous machines, leveraging NVIDIA accelerated computing. The announcement highlights Cyngn's DriveMod solutions, which utilize NVIDIA hardware and CUDA acceleration libraries to develop advanced self-driving features. The DriveMod system is deployed on material handling vehicles from manufacturers like BYD and John Deere. Cyngn's collaboration with Arauco resulted in pre-orders of 100 DriveMod Forklifts, showcasing features such as pallet enumeration and detection of non-standard pallet pockets. Cyngn's progress reflects years of collaboration with NVIDIA, a testament to their cutting-edge technologies.
Cyngn has announced a important shareholder meeting on June 25, 2024. The meeting will focus on granting discretionary authority to the Board of Directors for a reverse stock split, aiming to comply with Nasdaq's $1 minimum bid price requirement before the late August deadline. Despite significant progress, Cyngn has not met this requirement organically, and a reverse split is now considered necessary.
Additionally, shareholders will vote on amending the articles of incorporation to increase authorized common stock from 200 million to 400 million shares. This increase is contingent on meeting the bid price requirement organically and will not be used alongside the reverse split. The company emphasizes the need for shareholder support to maintain access to capital and avoid down-listing to an over-the-counter exchange.
Cyngn announced significant milestones for the first quarter of 2024. Key achievements include joining John Deere's supply base and deploying DriveMod Tuggers in Dubuque, IA. The company renewed its contract with US Continental following a study revealing a 4x efficiency gain in their autonomous vehicles. Initial deployment was also completed with Rivian. Cyngn expanded its distributor network through a partnership with RobotLAB and aligned with Nvidia to enhance DriveMod's AI. The company premiered the DriveMod Tugger at MODEX alongside Motrec and secured its 19th US patent. They also launched an 'auto-unhitch' feature to further enhance operational efficiency.
RobotLAB and Cyngn have partnered to expand the distribution of Cyngn's autonomous DriveMod Tugger vehicles. This collaboration was highlighted at the 2024 Automate Show. Cyngn chose RobotLAB due to its extensive experience in deploying over 10,000 robots globally. RobotLAB will incorporate Cyngn's self-driving vehicles into its portfolio, catering to large-scale manufacturers and warehouse businesses. This partnership aims to address labor shortages, safety issues, and rising e-commerce demands by improving productivity and efficiency on manufacturing floors. Cyngn’s CEO, Lior Tal, emphasized the potential for rapid commercial growth through RobotLAB’s network.
Cyngn Inc. reported its Q1 2024 financial results, highlighting achievements like joining John Deere supply base, renewing deployment contracts, and receiving new patents. The company's CEO expressed confidence in continued growth and improved sales processes. However, Q1 revenue decreased to $5.5 thousand from $872.8 thousand in 2023, with a net loss of $(6.0) million. Cyngn's cash and short-term investments decreased to $4.8 million at the end of Q1 2024.
Cyngn Inc., a developer of AI-powered autonomous driving software solutions, announced the exercise of the underwriter's over-allotment option, resulting in the purchase of an additional 2,040,000 shares of common stock at $0.10 per share. The total gross proceeds from the offering amount to approximately $5.2 million. Aegis Capital Corp. served as the sole bookrunner for the offering.
Cyngn Inc. (Nasdaq: CYN) will release its fiscal first quarter 2024 financial results on May 8, 2024, after the market closes. The results can be accessed on the Cyngn website.
Aegis Capital Corp. acted as the Sole Bookrunner for Cyngn Inc.'s (NASDAQ:CYN) $5 million underwritten public offering, enhancing the company's financial position and market presence.
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