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Cyngn Inc. - CYN STOCK NEWS

Welcome to our dedicated page for Cyngn news (Ticker: CYN), a resource for investors and traders seeking the latest updates and insights on Cyngn stock.

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.

News

Cyngn Secures its 18th U.S. Patent in Adaptive Traffic Rule-Based Decision Making for Autonomous Driving

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Cyngn Inc. (Nasdaq: CYN) has been granted eight additional patents since August 2023, bringing the total U.S. patents granted to 18. The new patent, US-11,837,090-B2, protects Cyngn's novel adaptive traffic rule-based decision making for autonomous driving. The company's Chairman and CEO, Lior Tal, emphasized the significance of these patents in fortifying their position in the industry and ensuring the exclusivity of their innovative ideas.
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Aegis Capital Corp. Acted as Exclusive Placement Agent on a $5.0 Million Public Offering of Common Stock for Cyngn Inc. (NASDAQ:CYN)

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Aegis Capital Corp. facilitated a $5.0 million Public Offering of Common Stock for Cyngn Inc. (NASDAQ:CYN), serving as the Exclusive Placement Agent.
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Cyngn Closes $5.0 Million Public Offering of Common Stock

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Cyngn Inc. (Nasdaq: CYN) announced the closing of its common stock public offering, raising approximately $5.0 million in gross proceeds. The offering included 33,333,333 shares of common stock and pre-funded warrants, with each share sold at a purchase price of $0.15. The net proceeds will be used for general corporate purposes, including working capital. Aegis Capital Corp. acted as the exclusive placement agent for the offering.
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Cyngn Announces Pricing of $5.0 Million Public Offering of Common Stock

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Cyngn Inc. (Nasdaq: CYN) announces the pricing of its common stock public offering, with gross proceeds of approximately $5.0 million. The offering includes 33,333,333 shares of common stock and pre-funded warrants, expected to close on December 12, 2023. Aegis Capital Corp. is the exclusive placement agent for the offering. The net proceeds will be used for general corporate purposes, including working capital.
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Cyngn Granted 17th U.S. Patent for its AI-Powered Autonomous Vehicle Technologies

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Cyngn Inc. (Nasdaq: CYN) has been granted seven additional patents since August 2023, bringing the total US patents granted to 17. The new patent, US-11,837,089-B2, protects Cyngn's novel modular extensible behavioral decision system for autonomous driving. The company's proprietary technology includes vehicle sensors, obstacle detection systems, autonomous driving predictions, and multi-channel object matching. Cyngn aims to provide advanced automation via its DriveMod autonomous vehicle solutions that leverage state-of-the-art sensors and AI to produce humanlike driving capabilities across multiple vehicle types without requiring site infrastructure overhauls.
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Cyngn to Attend the American Aerospace and Defense Summit with Motrec International Inc. to Capitalize on Recent Commercial Announcements

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Cyngn Inc. (Nasdaq: CYN) to attend American Aerospace and Defense Summit with Motrec International Inc. on December 4-5, 2023 in Fort McDowell, AZ
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CEO 3Q23 Newsletter: Commercial Achievements and Business Momentum is Anticipated to Continue Through Year-End

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Cyngn Inc. (Nasdaq: CYN) highlights sales acceleration, validation from large organizations, and expansion to new vehicle types in their recent press release. The company also announces a partnership with Arauco, a global wood supplier, and expansion to electric vehicle manufacturers and end-customers. Cyngn has achieved significant technology milestones and financial success, raising $1.5 million from sales of common stock and distributing a 10% common stock dividend.
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Cyngn Reports Third Quarter 2023 Financial Results

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Cyngn Inc. (Nasdaq: CYN) announced Q3 2023 financial results, including $25.2 thousand in revenue, $5.5 million net loss, and $8.2 million in unrestricted cash and short-term investments. The company also raised $1.5 million from common stock sales, launched a dealer network, and unveiled new autonomous driving solutions for industrial applications.
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Cyngn Raises $1.3 Million in Common Stock Only, Under its ATM Sales Agreement

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Cyngn Inc. has raised $1.3 million through the sales of its common stock, using the capital injection to expand its revenue teams. The company has seen a significant increase in sales activity, adding more deals to its pipeline in October than in all of Q3.
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Cyngn Announces Date for Fiscal Third Quarter 2023 Financial Results

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Cyngn, Inc. will announce its fiscal Q3 2023 financial results on November 8, 2023.
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FAQ

What is the current stock price of Cyngn (CYN)?

The current stock price of Cyngn (CYN) is $0.4689 as of December 20, 2024.

What is the market cap of Cyngn (CYN)?

The market cap of Cyngn (CYN) is approximately 912.4K.

What does Cyngn Inc. specialize in?

Cyngn Inc. specializes in autonomous vehicle technology for industrial applications, aiming to enhance productivity and efficiency for industrial organizations.

What is DriveMod?

DriveMod is Cyngn's autonomous driving solution that can be retrofitted onto various industrial vehicles, providing flexible and scalable automation.

Who are Cyngn's major partners?

Cyngn has partnered with industry leaders such as John Deere, Motrec, and RobotLAB to advance its autonomous vehicle solutions.

What recent financial milestones has Cyngn achieved?

Cyngn raised $5 million through a public offering and reported $4.8 million in cash and short-term investments as of March 31, 2024.

What are the key components of Cyngn's Enterprise Autonomy Suite?

The suite includes DriveMod for autonomous driving, Cyngn Insight for fleet management and analytics, and Cyngn Evolve for AI and simulation tools.

What market opportunity does Cyngn aim to capture?

Cyngn is targeting the industrial vehicle sector, with an estimated market opportunity of over $268 billion globally.

How is Cyngn addressing labor shortages and safety issues?

Cyngn's autonomous vehicle solutions help reduce the need for manual labor and enhance safety by automating material handling and other industrial processes.

What technological advancements has Cyngn recently made?

Cyngn has secured its 20th patent and collaborates with Nvidia to advance its AI capabilities.

What is Cyngn's financial outlook?

Cyngn is focused on maintaining a strong financial position, raising capital, and generating revenue through its expanding sales pipeline.

How can investors learn more about Cyngn?

Investors can visit Cyngn's official website or contact their investor relations department for more information.

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Cyngn Inc.

Nasdaq:CYN

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CYN Stock Data

912.40k
2.42M
0.46%
12.68%
5.93%
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