Cyngn Announces 1-for-100 Reverse Stock Split

(RTTNews) - Cyngn Inc. (CYN), a software company, on Tuesday announced a 1-for-100 reverse stock split of its outstanding shares of Common Stock following approval by its Board of Directors.

The move aims to increase the per share price to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq. The reverse stock split will become effective on July 3.

When the Reverse Stock Split is effective, every 100 shares of Cyngn Common Stock issued and outstanding will be combined automatically into 1 share of Common Stock.

The company expects that it will begin trading on a post-split basis at the market open on July 5, under the symbol "CYN" with the new CUSIP number 23257B 206.

CYN was trading down by 22.58 percent at $0.0552 in the pre-market trade on the Nasdaq.