CYN - Micro Cap Outperforms As Broader Markets Sell Off

2023-10-03 15:00:38 ET

A micro cap in the %AutonomousVehicle space is causing quite the stir on Tuesday after the company announced that it received a new patent related to its autonomous vehicle and driving technologies. According to the release, “the new patent covers the company’s same-loop adaptive simulation approach to enhance autonomous driving through simulated and real-world driving signals.”

Traders were eager to get their hands on shares of %Cyngn (Nasdaq: ), with shares of the micro cap reaching $0.504/share (+3.56%) at the session high. This stock likely would’ve found even more success on Tuesday if it weren’t for the massive selling pressure the broader market has been experiencing.

Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce. Cyngn's flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).

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