Cyngn announces 1-for-150 reverse stock split

Cyngn (CYN) announced that it will proceed with a 1-for-150 reverse stock split of its outstanding shares of Common Stock following approval by its Board of Directors. This ratio is within the ratio range approved by stockholders at the company’s special stockholder meeting held on January 30. Cyngn expects the Company’s Common Stock will begin trading on a post-split basis at the market open on February 18, and continue to be traded under the symbol “CYN” with a new CUSIP number 23257B 305. The primary objective of the Reverse Stock Split is to increase the per share market price of the Common Stock to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market and maintain the listing of its common stock on the Nasdaq Capital Market.