Cyngn Inc. (CYN), a software company, has announced a 1-for-100 reverse stock split of its outstanding Common Stock shares, following the approval by its Board of Directors. This strategic decision aims to raise the per share price to meet the minimum bid price requirement for continued listing on the Nasdaq. The reverse stock split will be effective on July 3.
Upon the effectiveness of the reverse stock split, every 100 shares of Cyngn's Common Stock will be automatically combined into 1 share of Common Stock. The company anticipates commencing trading on a post-split basis at the market open on July 5, under the ticker symbol "CYN" and the new CUSIP number 23257B 206.
In pre-market trading on the Nasdaq, CYN shares were down by 22.58%, trading at $0.0552.
