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

Reuters11-13

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;))

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