Brief: Cyngn Implementing Cost Reduction Plan To Reduce Its Average Monthly Cash Burn To $1Mln Per Month For 90 Days

Cyngn

12/11/2024 23:31

Nov 12 (Reuters) - CYNGN Inc  CYN.O :
    * CYNGN INC -IMPLEMENTING COST REDUCTION PLAN TO REDUCE ITS
AVERAGE MONTHLY CASH BURN TO $1MLN PER MONTH FOR 90 DAYS
    * CYNGN- INCLUDE REDUCING STAFF FROM ABOUT 80 PEOPLE TO
ABOUT 60
PEOPLE, TEMPORARILY SUSPENDING CERTAIN NON-ESSENTIAL OPERATIONS
    * CYNGN INC -ENTERED INTO NON-BINDING ENGAGEMENT LETTER WITH
AEGIS
CAPITAL TO EXPLORE RAISING ADDITIONAL FUNDS
    * CYNGN INC -ENTERED INTO SECURITIES PURCHASE AGREEMENT, CO
SOLD
IN PRIVATE PLACEMENT OF $4.3 MILLION NOTES

Source text:  ID:n0001213900-24-096917 
Further company coverage:  CYN.O 

 ((Reuters.Briefs@thomsonreuters.com;))