Why Cyngn (CYN) Stock Is Getting Hammered
Portfolio Pulse from Henry Khederian
Cyngn Inc (NASDAQ:CYN) shares plummeted by 29% to $0.05 after announcing a 1-for-100 reverse stock split to meet Nasdaq's minimum bid price requirement. The split will be effective on July 3, with post-split trading starting on July 5. The stock has a 52-week high of $1.21 and a low of $0.05.
July 02, 2024 | 4:39 pm
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Cyngn Inc (NASDAQ:CYN) shares fell by 29% to $0.05 after the company announced a 1-for-100 reverse stock split to meet Nasdaq's minimum bid price requirement. The split will be effective on July 3, with post-split trading starting on July 5.
The significant drop in share price is a direct reaction to the reverse stock split announcement, which is often perceived negatively by investors. The split aims to meet Nasdaq's minimum bid price requirement, but the immediate market reaction has been highly negative.
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