Cyngn Announces Establishment of Ex-Dividend Date for Stock Dividend

Cyngn Inc., a leading developer of AI-powered autonomous driving solutions for industrial applications, has recently announced an exciting development for its stockholders. The company’s board of directors has approved a pro rata 10% dividend of its common stock, demonstrating Cyngn’s commitment to rewarding its investors for their continued support.

The dividend distribution process will take place on October 30, 2023, with certain key dates to keep in mind. On October 20, 2023, the Ex-Dividend Date will be observed, followed by the Record Date on October 23, 2023. Stockholders who hold Cyngn common stock on the Record Date will receive one share of Cyngn common stock for every ten shares they own. Even fractional shares will be rounded up to ensure stockholders receive a whole share.

Lior Tal, the Chairman and CEO of Cyngn, expressed his enthusiasm for the company’s achievements thus far, including numerous partnership announcements and the acquisition of 15 patents. Tal stated, “We expect a strong finish to 2023 and am pleased to reward and thank our stockholders for their continued support with this first-time stock dividend.”

Cyngn’s innovative autonomous vehicle technology is specifically designed for industrial organizations, addressing challenges such as labor shortages, safety incidents, and the growing demand for eCommerce. The company’s DriveMod Kit can be easily installed on new industrial vehicles or retrofitted onto existing ones, enabling customers to seamlessly adopt self-driving technology without significant upfront costs or the need for complete vehicle replacements. Cyngn’s Enterprise Autonomy Suite, which includes DriveMod, Cyngn Insight, and Cyngn Evolve, provides a comprehensive solution for AV fleet management, teleoperation, and analytics.

This recent announcement of a stock dividend highlights Cyngn’s dedication to its stockholders and its commitment to delivering value. With a strong finish to 2023 in sight, the company’s continued growth and success are expected to benefit both investors and customers alike.

For more information about Cyngn and its autonomous driving solutions, please visit their website. Investors and media inquiries can reach out to Bill Ong at bill@cyngn.com or call 650-204-1551.

Please note that this press release contains forward-looking statements and that actual results may differ materially from those projected. Cyngn will continue to provide updates as necessary, and readers are encouraged to stay informed about the company’s progress.