Cyngn Announces Establishment of Ex-Dividend Date for Stock Dividend

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[{"type":"text","content":"MENLO PARK, Calif., Oct. 10, 2023 /PRNewswire/ -- Cyngn Inc. (the \"Company\" or \"Cyngn\") (Nasdaq: CYN), a developer of AI-powered autonomous driving solutions for industrial applications, recently announced a pro rata 10% dividend of its common stock approved by its board of directors. That announcement was made on the October 2, 2023 press release referenced here. \n\n \n \n \n \n \n \n\n \nCyngn stockholders should be aware of the following dates:\nOctober 20, 2023:\nEx-Dividend Date1\nOctober 23, 2023:\nRecord Date2\nOctober 30, 2023:\nDistribution Date3\nStockholders will receive one share of Cyngn common stock for every ten shares of Cyngn common stock they hold on the Record Date. Fractional shares of Cyngn common stock will be rounded up to receive one whole share of Cyngn common stock.\nCyngn stockholders with a long position, defined as owning the common stock, as of the record date will receive the stock dividend. Stockholders with a short position, defined as borrowing the common stock, will not qualify for the stock dividend.\n\"The Company has achieved a number of milestones year-to-date with several partnership announcements from both customers and OEMs as well as 15 patents to-date,\" said Lior Tal, Chairman and CEO of Cyngn, \"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.\"\nEx-Dividend Date: is the day where if the investor purchases Cyngn common stock before Oct. 20th, they will receive the stock dividend. Shares purchased on Oct. 20th or later will not receive the dividend benefit.Record Date: is the day on which Cyngn verifies its records to identify stockholders of Cyngn.Distribution Date: is the day the stock dividend is paid out to Cyngn stockholders.About CyngnCyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce.\nCyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technolo...

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