Summary by Moomoo AI
Cyngn Inc., a developer of autonomous vehicle technology, has released a shareholder letter from CEO Lior Tal, addressing the upcoming annual shareholder meeting scheduled for June 25, 2024. The letter discusses critical matters requiring shareholder approval, notably the granting of discretionary authority to the Board of Directors to effect a reverse stock split. This action is considered a last resort to regain compliance with Nasdaq's $1 minimum bid price requirement before the late August deadline. Despite achieving commercial milestones and progress in 2024, the company has not yet met this requirement organically. The reverse stock split is presented as a potential remedy to maintain the company's listing on a major national exchange, which is crucial for accessing capital and avoiding the risks...Show More