July 3rd (Eastern Time) - $Cyngn (CYN.US)$ is about to implement a 1-for-100 reverse stock split of shares. The shares will begin trading on a split-adjusted basis from July 5th, 2024.
$Cyngn (CYN.US)$ slipped 28.19% and closed at $0.0512 on July 2nd with a turnover of $2.07 million. $Cyngn (CYN.US)$ now has a total market capitalization of $7.24 million.
What Is a Reverse Stock Split?
A reverse stock split consolidates the number of existing shares of stock held by shareholders into fewer shares. It does not directly impact a company's value. And it can signal a company in distress since it raises the value of otherwise low-priced shares.
Note:
The company's actual implementation is subject to the final disclosure submitted to the exchange. The information provided herein is for reference only.