Summary by Futu AI
On November 25, 2024, Cyngn filed a Form S-3 registration statement with the SEC to facilitate the resale of 405,125 shares of common stock by selling stockholders. The company will not receive any proceeds from these sales. The shares are being offered on a resale basis, and the selling stockholders will bear the selling expenses.Cyngn's common stock is listed on the Nasdaq Capital Market under the symbol "CYN". The last reported sale price on November 22, 2024, was $6.10 per share. The company emphasizes the high-risk nature of investing in its securities, as detailed in the "Risk Factors" section of the prospectus.This registration is part of a private placement agreement, and Cyngn is obligated to file the registration statement by November 28, 2024, to comply with the Registration Rights Agreement.