Summary by Moomoo AI
Cyngn Inc. has scheduled a Special Meeting of Stockholders for January 30, 2025, to vote on four key proposals. The company seeks approval to increase authorized common stock from 200 million to 400 million shares and grant the board discretion to implement a reverse stock split at a ratio between 1-for-5 and 1-for-150 within one year.Additionally, shareholders will vote on authorizing the issuance of warrants and underlying shares from a December 23, 2024 offering, in compliance with Nasdaq rules. The proposal includes lowering the warrant floor price from $0.805 to $0.322 and approving certain adjustment provisions.The board recommends approval of all proposals, including potential meeting adjournments to solicit additional proxies if needed. These measures aim to provide Cyngn with greater financial flexibility and ensure continued Nasdaq listing compliance.
