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Cyngn | 8-K: Current report

SEC ·  Jun 26 05:26

Summary by Moomoo AI

Cyngn Inc. has been notified by the Nasdaq that its common stock is at risk of delisting due to non-compliance with the Bid Price Rule, as the closing bid price remained below $1.00 for 30 consecutive business days. The company was initially given until February 20, 2024, to regain compliance but received an additional 180-day grace period until August 19, 2024. However, on June 21, 2024, Cyngn was informed that its stock price had fallen below $0.10 per share for 10 consecutive trading days, triggering the Low Priced Stock Rule. Cyngn plans to request a hearing before the Nasdaq Hearings Panel to prevent delisting while it continues to trade under the symbol 'CYN'. The company also announced that stockholders have approved a reverse stock split at a ratio to...Show More
Cyngn Inc. has been notified by the Nasdaq that its common stock is at risk of delisting due to non-compliance with the Bid Price Rule, as the closing bid price remained below $1.00 for 30 consecutive business days. The company was initially given until February 20, 2024, to regain compliance but received an additional 180-day grace period until August 19, 2024. However, on June 21, 2024, Cyngn was informed that its stock price had fallen below $0.10 per share for 10 consecutive trading days, triggering the Low Priced Stock Rule. Cyngn plans to request a hearing before the Nasdaq Hearings Panel to prevent delisting while it continues to trade under the symbol 'CYN'. The company also announced that stockholders have approved a reverse stock split at a ratio to be determined by the board, within a range of 1-for-5 to 1-for-100, to be implemented within a year. Additionally, at the Annual Meeting of Stockholders on June 25, 2024, Colleen Cunningham was elected as a Class III director, the number of authorized shares was increased to 400,000,000, amendments to the 2021 Equity Incentive Plan were approved, and Marcum LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024.

This announcement is a separate document:

Doc 1

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