02:05 PM EDT, 05/31/2024 (MT Newswires) -- Cyngn ( CYN ) Chief Executive Lior Tal on Friday issued a letter to shareholders asking their support for a planned reverse stock split to regain compliance with Nasdaq's $1 minimum bid price requirement before the late August deadline.

The company will hold its annual shareholder meeting on June 25, according to the letter.

Tal said proxy materials that have been distributed include a proposal to amend the company's articles of incorporation and raise the authorized common shares to 400 million from 200 million if the company is able to regain compliance organically. If a reverse split is executed, this increase would not be needed, Tal said.

Shares of Cyngn ( CYN ) fell more than 13% in recent trading activity.

Price: 0.09, Change: -0.01, Percent Change: -13.31