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Shareholders approve board authority to execute a reverse stock split at a ratio between 1-for-5 and 1-for-150
CYNCyngn Inc.
Cyngn Inc. stockholders approved the Reverse Stock Split Proposal, granting the Board discretionary authority to amend the certificate of incorporation to combine shares into a lesser number at a specific ratio within a range of one-for-five (1-for-5) to a maximum of one-for-one hundred fifty (1-for-150). The Board retains sole discretion to determine the exact ratio and effect the split, if at all, within one year of approval. Additionally, shareholders ratified the election of Class II directors Karen Macleod and James McDonnell, approved the ratification of Baker Tilly US, LLP as independent auditor, and authorized adjournment provisions. Cyngn Inc. develops autonomous driving technology for industrial vehicles.